LOANS THAT HIT CLOSE TO HOME
At First Choice Loan Services Inc., we know that nothing stacks up to that first choice feeling. It’s the feeling you get when others look up to you, rely on you and turn to you for invaluable knowledge. It’s the same feeling we strive to give you with every loan we structure.
Whether you’re a first-time home buyer, a long-time homeowner or a business partner, our high-caliber mortgage professionals provide the personalized service and care you’d expect from a boutique-style lender.
From your first consultation to closing your loan and beyond, our promise is service beyond belief. Because in our eyes, you come first, and we all know It Feels Good To Be First!
PRODUCTS AND SERVICES
CONVENTIONAL
Conventional mortgages are loans that are not guaranteed or insured by any government agency, such as the Department of Veterans Affairs (VA) or the Federal Housing Administration (FHA). VA loans are designed for Veterans, active duty military personnel, and, in some cases, their spouses and can have a lower down payment. As a part of the Department of Housing and Urban Development, the FHA insures
residential mortgage loans made by private lenders, like First Choice Loan Services Inc.
FHA
FHA loans are mortgages administered by the US Department of Housing and Urban Development and insured by the Federal Housing Administration (FHA). The insurance from the FHA protects the lender if a borrower defaults on the FHA loan. With this protection, lenders are able to provide loan options commonly not offered through conventional financing. Because of their low down payment requirements, FHA mortgages are often well suited for first-time home buyers.
VA
VA mortgages are loans guaranteed by the Department of Veterans Affairs (VA) and made through approved lenders – like First Choice Loan Services Inc. The VA insures these loans, thereby protecting the lenders if borrowers default on this type of mortgage. VA loan borrowers can include eligible Veterans, active duty military personnel, and, in some instances, their spouses. Often requiring no down payment, this is an
excellent choice for eligible borrowers purchasing their primary residence.
USDA
Guaranteed through the U.S. Department of Agriculture, USDA loans are government-insured home loans that allow borrowers to purchase homes in designated ‘rural’ areas with no money down. The ‘rural’ regions outlined by the USDA vary greatly and can frequently include suburban areas neighboring major metropolitan cities.
Offering 100% financing with fixed rates for 30 year terms, USDA loans (also known as the USDA Rural Development Guaranteed Housing
Loan or Section 502 Loan) are unique in that they are currently the only zero money down mortgage program available for non-military
personnel. They also provide the opportunity for the closing costs to be paid by the seller or financed into the loan amount.
JUMBO LOANS
Jumbo loans are non-conforming loans with amounts that exceed the limits set by the Federal National Mortgage Association (FNMA, aka Fannie Mae) or Federal Home Loan Mortgage Corporation (FHLMC, aka Freddie Mac).
Available with fixed- and adjustable-rate options, Jumbo loan limits vary depending on where the borrower lives. In most areas of the United
States, the limit is set at $417,000. In areas with higher costs, it typically is $625,000, and the limit falls in between those amounts in other
parts of the country. You can ask your First Choice Loan Services Loan Originator where the limit is set in your region.
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