Loan Programs

Conventional Mortgages                                                                                                         Conventional Mortgages are not insured or guaranteed by the federal government. They are the most popular type of loan used to purchase or refinance a single-family home. To qualify for a Conventional Mortgage, you typically need a minimum down payment of 5% of the home purchase price (typically requiring mortgage insurance.) If you have a down payment of 20% or more, you will not need to pay the additional expense of mortgage insurance. Conventional Mortgages usually meet Fannie Mae/Freddie Mac approval guidelines. Choose from terms of 10, 12, 15, 20, 25 or 30 years fixed rate.

FHA Mortgage                                                                                                                                                                                                                  FHA mortgages are designed to help low-to-moderate income homebuyers purchase a home. They offer the advantages of a low down payment and more flexible guidelines for qualification. FHA loans are insured by the Federal Housing Authority. The FHA also sets limits on how much you can borrow, depending on the area. Choose from terms of 15, 20, 25, or 30 years fixed rate.

VA Mortgages
If you are serving in the Armed Forces, or are a veteran, a VA Mortgage is a home loan that is guaranteed by  the Department of Veterans Affairs (VA). No down payment is required. Choose from terms of 15, 20, 25 and 30 year fixed rate.


Military Person Holding a model home with a flag

ARM (3/1 ARM, 5/1 ARM, 10/1 ARM)
These increasingly popular ARMs — also called 3/1, 5/1, or 10/1 — can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable-rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

SONYMA Mortgages                                                                                                        State of New York Mortgage Agency (SONYMA) Mortgages offer lower interest, fixed-rate loans that make home ownership possible for first-time buyers and veterans. Financing is available for one-to-four family dwellings and buyers can take advantage of a down payment assistance loan to help lower monthly payments.

Jumbo Mortgage Loans
Jumbo Mortgage Loans or non-conforming loans facilitate financing for homes in higher price ranges where loan amounts are necessary that exceed conforming limits set by the Federal Housing Finance Agency (FHFA).


  • Available for owner occupied and second homes
  • Cash can be used to refinance, purchase, or cash out
  • Excellent credit is required
Contact a SEFCU Mortgage Originator today to discuss all your options!
USDA Mortgage

The United States Department of Agriculture’s Section 502 Guaranteed Rural Housing Loan Program is designed to serve rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing. These home loans enable low and moderate-income rural residents to acquire modestly priced housing for their own use as a residence through the purchase of a new or existing dwelling or the purchase of a new manufactured home. Section 502 loans can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.

Eligibility: Applicants for home loans may have an income of up to 115% of the median income for the area. Area income limits for this program are here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories. 30-year fixed-rate available.

Home Possible
Whether you’re a first-time home buyer, someone looking for a home with more space, or a buyer who needs to downsize, consider a Home Possible mortgage and enjoy lower monthly costs and savings on up front mortgage insurance premiums. Plus, with this type of mortgage once 78% of loan-to-value on the loan is reached the monthly mortgage insurance will no longer be required, unlike FHA loans where mortgage insurance is required for the life of the loan. Best of all, the down payment can be as little as 3% of the purchase price and funds for this can be from a gift which can help make your dream a reality!

Homebuyer Dream Program
Owning a home just became easier! With the Homebuyer Dream Program qualified borrowers may recieve a grant of $14,500. Borrowers must be a first-time homebuyer who have not owned a home in the last three years. Income limits apply and are based on where you purchase. This program is offered on a first come, first served basis so don't miss out! Contact a SEFCU Mortgage Services' Loan Originator today!