Government Loans

FHA (Federal Housing Administration)

FHA loans offer as little as 3.5%* down. The standard FHA program offered is credit scores greater than 640. The FHA program allowed for gifts to be used for down payment and closing cost as well as other relaxed requirements.

FHA Freedom Loans

This is an FHA program that is not available to all Lenders. It allows for common sense credit decisions. FHA Freedom is for first-time homebuyers, no score buyers, or a borrower in need of a second chance. FICO scores between 600 and 640 as well as No Credit Scores are allowed on this program.

VA (Veterans Administration)

Service First Mortgage has always made our veterans a priority. We know our veterans deserve the best, so we give them the best. VA loans are available to eligible veterans to be used to buy a home or refinance a home loan. This program allows no down payment** in most situations and credit scores of 620. TEXAS PROPERTIES: Don’t forget to tell your loan officer if you are a disabled “TEX VET” and ask about our Land Board Program.

USDA

USDA sponsors a loan program for properties located in designated Rural areas for borrowers with low to moderate income levels. USDA sets specific guidelines for this program that center around credit requirements, down payment, property location, and income limits. This program is available for borrowers with credit scores as low as 640 with no down payment required.

Bond Loans

There are some great government-sponsored loans programs featuring government-paid down payment, closing costs, or both. These programs are designed for more than just first-time homebuyers. Ask your loan officer for details in your area!