Found your dream home?
Deciding which program is right for you
First Choice Financial offers you a wide range of home loan options
on primary residences, second/vacation homes and
investment properties.
Fixed Rate Mortgages
| Loan Program | Advantages | Key Features |
|---|---|---|
| Basic 40/30/20/15 Year Fixed | You want the stability of a fixed principal/interest payment over the life of the loan | Minimum to no down payment |
| Reduced Rate Option | You plan on staying in your home for an extended period of time | Reduced rate in exchange for upfront fees |
| No Down Payment Loan | For borrowers with limited-to-no down payment who want to purchase a home | Combines a 1st mortgage and a 2nd mortgage to use as equivalent for 20% down to avoid mortgage insurance |
| Low Down Payment Programs | You want to put down 3% to 5% | No maximum income/earning restrictions and loan amounts up to $417,000 |
| Low Documentation | You have excellent credit and want to avoid paperwork | Very little paperwork; as little as a 5% down payment |
| Construction Loans | You are building or significantly renovating a home and want to avoid the extra cost of two closings (construction loan and permanent loan) | One application, one qualification process, one closing, and one set of closing costs. Interest-only payments during construction, the choice of adjustable rate or fixed mortgage products and the option of permanent loan rate protection available for up to 18 months |
Adjustable Rate Mortgages (ARMs)
| Loan Program | Advantages | Key Features |
|---|---|---|
| Fixed Period ARM | You plan to move or refinance again in a few years and want the security of a fixed rate for that period of time | Fixed rate for 3, 5, 7 or 10 years, then adjusts annually based on a financial index |
| Fixed Period ARM with Reduced Rate Option | You want to start with an extra low rate, plus have the security of a fixed rate for a set number of years | Reduced rate in exchange for upfront fees |
Restrictions apply. Program guidelines are subject to change Some products not available in all states.