First Responder Mortgage

Helping our heroes secure the homes they deserve

Honoring Those Who Serve and Protect

With your unwavering dedication in the face of danger and uncertainty, you go beyond the call of duty each day. That's why first responders deserve a mortgage that does, too. We’re proud to offer a no-PMI program with benefits available to those serving our communities with eligible state, local and federal agencies.*

Program Benefits

No Private Mortgage Insurance (PMI) required
Up to $1,000 credit towards closing costs*
One-time rate float down option**

If the interest rates decrease after you have locked in your rate but before your loan is finalized, you may make a one-time request to lower the rate.

Homebuying Process

Long before you start house hunting, you’ll want to put together a budget and calculate short and long-term costs to understand how much home you can afford. Upfront costs may include 2-5% for closing costs and $200-600 for inspections. Ongoing costs include monthly mortgage payments, utilities, possible maintenance, and homeowners’ association or condo fees, if applicable.

Ready with a price range, and all your financials in order? A prequalification letter from a mortgage provider will help expedite the homebuying process and let you know how much a financial institution may be willing to lend you. To apply, you’ll need to go through the standard mortgage application process, which includes questions about your income and employment, current debts, assets and borrowing history.

Your prequalification letter will show how much you can afford to borrow, what your interest rate could be, and an estimate of your monthly payment based on assumed taxes and insurance. You may be able to lock in the rate you’ve been offered for up to several months while you’re shopping for a home, and your prequalification will help your offer stand out against other prospective buyers.

At Service Credit Union, we’ll lock your rate for up to 90 days with no additional fee or rate adjustment.

Frequently Asked Questions

Do you finance investment properties?

Yes, up to 4 residential units. Not all programs/products are eligible. Title must not be in the name of a corporation or LLC.

Do you offer bridge loans?

We do not have a specific bridge loan program. However, we may be able to achieve a bridge loan through the use of a home equity line of credit on the house you will be selling. This will depend on the amount of equity you have and your ability to qualify to carry the debt for your existing mortgage (if any), the home equity line of credit, and the mortgage on your new home.

Can I have a co-signer?

Generally, we require a co-borrower vs. a co-signer, although some programs, such as state housing agency loans, do allow a co-signer.

Will my loan be sold?

While it is possible that your loan will be sold (the standard Fannie Mae promissory note gives the lender the right to sell the loan), it is important to understand that we will still be servicing your loan, with the exception of state housing agency loans. Even if your loan is sold, you will still make your payments to Service Credit Union, with the exception of state housing agency loans which are serviced by the housing agency.

Do you do loans outside of NH/ME/VT/MA?

Yes, we are a national lender! We do mortgages in all states with the exception of Alaska and Hawaii. Not all programs are available in all states. Construction and land loans are available only in NH, MA and ME.

What is your minimum credit score?

For first mortgages, we generally require a score of 620 or higher, although there are some programs, such as VA, that will allow for a lower score. For equity loans and home equity lines of credit, we require a score of 680 or higher.

How long does this process take?

We routinely process and close mortgage applications within 30 days. For home equity loans and home equity lines of credit, our goal is to close your loan within 10 days. However, there are many variables that determine the length of the process, including how fast you respond to our requests for documentation.

*Member must be eligible state, local, or federal law enforcement, firefighters, emergency medical response personnel, or pensioned retirees of those professions. Offer eligible for owner occupied, primary residences only. Service Credit Union will offer up to $1,000 toward closing costs for approved eligible loans. Closing cost credit can be combined with other closing cost credit offers, with a max credit not to exceed $1,500. Property insurance is required. Subject to credit report, title, recording, settlement, and appraisal fees. Certain costs associated with the transaction will be the members responsibility regardless of property listing status, including but not limited to per diem interest, taxes of any kind, and insurance premiums. Other conditions may apply, please ask your loan originator for details. Subject to credit worthiness and dwelling requirements. Must be an existing member or eligible for membership.

**Qualified mortgage applications are offered one rate float-down free of charge. To qualify the mortgage application must have an existing rate lock and choose to utilize the float down option to move to a currently available lower rate. Only one float down option permitted per application. Rate float-down must be initiated more than 10 days prior to closing. Standard rate lock rules apply. See representative for additional details.

***The displayed rates for conventional loans assume a loan amount of $500,000 for a single-family, owner-occupied purchase transaction with a down payment of 40% and a credit score of 740 or higher. Rates vary based on creditworthiness and/or other factors. Rates are subject to change. VA rates assume a loan amount of $500,000 and no down payment. Conventional jumbo loans assume a loan amount of $806,500 and a 40% down payment. VA jumbo assumes a loan amount of $806,500 with no down payment. Payment examples can be obtained by clicking the calculate payments button above and do not include taxes or insurance premiums. Payment obligation will be higher.<