Other Loan Programs

The following is a partial list of programs offered by Security First Mortgage Funding, LLC with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 508-853-3000 or info@securityfirstmf.com.

These materials are not from HUD or FHA and were not approved by HUD or a government agency.

Conventional Fixed Rate Mortgages (FRM)

A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the life. Generally speaking, monthly payments remain constant, with the exception being changes to escrowed taxes and insurance.  Contact us for details on down payment requirements. Available terms generally range from 10 years to 30 years.

Mass Housing Mortgages

MassHousing is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachussets. 

Security First Mortgage Funding, LLC is able to provide MassHousing loans to it's borrowers within Worcester County.  Here are some highlights of the MassHousing mortgage programs:

  • Fixed Interest Rates
  • Low down payment (3%-5%)
  • Down Payment Assistance funds available if certain criteria are met.
  • Reduced PMI rates
  • Additional Mortgage Insurance benefits to assist with monthly payments if the borrower is unable to make them due to job loss.

We look forward to your questions about Mass Housing loans.  Please call us to find out more.

Construction Loans

Construction loans are used to finance the construction of a new home, or to make a substaintal improvements to an existing home.  Each loan is as unique as the property you’re looking to construct.

We offer a one-time closing for our construction loans, with up to 12 months for construction.  We can lend up to 90% of the "As Completed" value determined by an Appraisal.

We look forward to your questions about construction loans. Please call us to find out more.

Adjustable Rate Mortgages (ARM)

Adjustable rate mortgages (ARMs) are loans where the interest rate is recalculated throughout the life of the loan, depending on the Treasurey market. As interest rates are adjusted so is the borrower’s monthly payment. While interest rates on ARM loans are generally lower than fixed rate loans they can eventually become higher. 

At Security First Mortgage, we currently offer the following ARM:

  • 5/3 ARM
    • Fixed Rate for 5 Years
    • After 5 years, the rate can adjust every 3 years.
    • Each adjustment is capped at 1%
    • The life time cap is 3%, which means your loan can never increase more than 3% over your initial rate.
    • Minium Credit Score: 660.

Contact us for more information on adjustable rate mortgage loans.

Jumbo Loans

A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than the Fannie Mae/Freddie Mac conforming loan limit. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs.  Learn more about jumbo loans by contacting us today.

FHA Mortgage Loans

FHA loans are private loans insured by the federal government. These loans are popular with borrowers who don’t have enough funds to pay a traditional 20 percent down payment because they only require 3.5 percent down to qualify. Those who choose these loans are required to pay mortgage insurance which slightly increases their monthly payments. Please contact us today to find out if a FHA loan is right for you.

VA Mortgage Loans

Like an FHA loan, VA loans are private loans insured by the federal government. VA loans are only available to qualified military veterans and their families. These loans are only available to these individuals for their own primary residences.  For information on qualifying for this loan program please give us a call today.

Refinance Mortgage Loans

Homeowners looking to decrease their interest rate may consider refinancing.  A refinance calls for the homeowner to obtain another mortgage loan.  Those funds are then used to pay off the original mortgage loan and the homeowner is then bound by the terms of the new mortgage.  Depending on your situation, a refinance loan could be a great option.  Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to a FRM, and in some cases, reduce your loan term.