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Our mortgage professionals are here to help you choose the right mortgage product that best fits your needs.  Whether you are a first time homebuyer, want to purchase or construct a new home or simply want to refinance or renovate your home, we have the right product for you.

Mortgage Loan Options

Conventional

  • Fixed-Rate Mortgages
    • Options include traditional 10, 15, 20, & 30 year terms, with non-traditional terms available, for the purchase of a new home, rate/term or cash out refinances.
  • Adjustable-Rate Mortgages
    • Available options include 1/1, 3/1, 5/1, 7/1, and 10/1.  The ARM product is fixed for the specified time and then adjusts annually thereafter.  For example, the 5/1 ARM product is fixed for the first five years and adjusts annually after the fifth year.

Government

  • FHA Loan
    • A government backed mortgage loan that traditionally offers lower down payments, lower closing costs and lower credit requirements.
  • USDA Mortgage Loan
    • A U.S. Department and Federal Housing Authority backed mortgage loan that offers 100% financing for qualifying homes in eligible rural areas as defined by the USDA.
  • VA Home Mortgage Loan
    • A VA (Veteran’s Association) backed mortgage for qualifying veterans. 100% fixed rate financing.

Other Programs

  • EQUIP Loan Program
    • Purchase or Rate/Term Refinance
      • 100% Loan to Value purchase transactions
      • 85% Loan to Value refinances
    • No Private Mortgage Insurance
    • Subject dwelling must be in a Security Federal Bank Community Development Financial Institutions Designated Tract
    • Primary Residence Only
    • Household income limits apply
    • Loan amount may not exceed $250,000
    • Low minimum credit score requirements
  • SC State Housing Authority
    • Conventional and Government programs are available.  These loans offer Down Payment Assistance for qualified borrowers.
  • Medical Professional Home Loans
    • For medical professionals1 with less than 10 years of experience
      • Flexible debt-to-income standards for deferred student loans
      • No private mortgage insurance or reserves required
      • No down payment on loan amounts up to the current conforming loan limit. The conforming loan limit is adjusted by Fannie Mae and Freddie Mac.2
  • Jumbo
    • Mortgage loan exceeding the conforming loan limit. The conforming loan limit is adjusted by Fannie Mae and Freddie Mac.
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Learn More by Exploring our Mortgage Calculators

Frequently Asked Questions

  1. How long will it take to qualify for a home mortgage loan? 
    • In most cases, you will have a preliminary decision within 24 hours.
  2. What Information is needed at Application?
    • Photo ID
    • Most recent YTD pay statement
    • Two months most recent bank statements (include all pages)
    • Two months most recent IRA/401K account statements (include all pages)
    • Most recent 2 years W-2s
    • Two years most recent federal tax returns (include all pages)
    • Sales contract if purchasing or copy of deed if refinancing
  3. How much does it cost to pre-qualify?
    • No fee for pre-qualifications
  4. How do your rates compare to other lenders?   
    • Security Federal Bank uses current technology and market experience to offer current and competitive rate offerings.
  5. How do I apply?
    • You can complete the online application or give us a call to schedule an appointment with a local Mortgage Loan Originator. 

All loans subject to credit and collateral qualifications, property insurance and, if applicable, flood insurance are required.

1-Medical Doctors, Dentists, Veterinarians, Psychiatrists, Pharmacists, Physiologists and Chiropractors

2-No down payment subject to appraisal/value. This loan product is limited to properties in South Carolina and Georgia.