Security 1st Bank

Mortgage Loan Options

Whether you’re buying a home, fixing the one you have or refinancing your current mortgage, Security First Bank offers professional advice, affordable financing solutions and a wide range of mortgage loan options.

SECONDARY LOANS

 

Conventional Mortgage

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This is a traditional fixed-rate loan that provides predictable rates and payments. The underlying terms meet the funding criteria of Fannie Mae and Freddie Mac.

VA Loan

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This type of loan is administered by the Department of Veterans Affairs and provides the opportunity for American Veterans to buy a home with no down payment.

Federal Housing Administration (FHA) Mortgage

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This type of loan is insured by the FHA and assists home buyers who have lower down payments, along with more flexible income or credit requirements.

Rural Development

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A USDA Rural Development home loan offers qualified borrowers in rural communities a chance to obtain a home loan with easier qualifications and financing options than other conventional loans.

Federal Home Loan

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This type of loan is a long term, fixed-rate loan with competitive pricing. These loans are serviced by the bank. The underlying terms meet the funding criteria of Fannie Mae and Freddie Mac.

First-Time Home Buyer Grant

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This is a fund that can be utilized with secondary market products to assist with down payments and/or closing costs. These grants are available in qualified areas only.

 

IN-HOUSE LOANS

 

Construction Loan

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This type of loan is for both builders and homeowners, and is used to fund home construction. One the home is completed, permanent financing, generally a mortgage loan, is established.

Home Equity Loan

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Homeowners can borrow against the equity in their home to finance major or specific expenses.

Home Equity Line of Credit (HELOC)

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Borrowers can use the equity in their home to access an ongoing line of credit, up to a determined amount, to meet ongoing cash needs.

Jumbo Loan

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This type of loan is for well-qualified borrowers interested in purchasing a home or property that exceeds the conforming or secondary market loan limits.

Fixed-Rate Loan

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This type of loan features the same interest rate and monthly principle and interest payments throughout the entire term of the loan.

Adjustable Rate Mortgage (ARM)

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This type of loan offers borrowers a low, fixed-rate for 10 years. After the fixed-rate period expires, the interest rate and payment may increase. Various amortization options are also available.

First Time Home Buyers Grant

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This is a fund that can be utilized with in-house loan products to assist with down payments and/or closing costs. These grants are available in qualified areas only.