HomeChoice Loan is a down payment assistance program that helps qualified homebuyers purchase a home. The program is designed for individuals with disabilities or those who have a family member with a disability living with them. HomeChoice Loan offers second mortgage loans of up to $15,000, which can be combined with other first mortgage loan programs like House Key and Home Advantage.
HomeChoice Loan is a great option for those who are struggling to save enough money for a down payment. The program is available in Washington State and is offered by the Washington State Housing Finance Commission. One-on-one counseling is required for all HomeChoice Loan participants, which ensures that borrowers fully understand the terms and conditions of the loan before they sign on the dotted line.
Key Takeaways
- HomeChoice Loan is a down payment assistance program designed for individuals with disabilities or those who have a family member with a disability living with them.
- HomeChoice Loan offers second mortgage loans of up to $15,000, which can be combined with other first mortgage loan programs like House Key and Home Advantage.
- One-on-one counseling is required for all HomeChoice Loan participants, which ensures that borrowers fully understand the terms and conditions of the loan before they sign on the dotted line.
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Understanding Homechoice Loans
Homechoice loans are a type of down payment assistance program designed to help qualified borrowers with disabilities or those with a family member with a disability living with them. The program is offered by different entities such as the Washington Housing and Finance Commission and the Exceptional Family Resource Center.
To be eligible for the Homechoice loan, borrowers must meet certain requirements such as being a first-time homebuyer, meeting income limits, and completing one-on-one counseling. The loan can be used in combination with other first mortgage loan programs such as House Key and Home Advantage.
The loan amount can go up to $15,000 and can be used to cover upfront costs associated with the mortgage, such as down payment and closing costs. The loan is a second mortgage, which means that it will have a separate monthly payment and interest rate from the first mortgage.
Homechoice loans offer a fixed interest rate and a 30-year term. The interest rate can be as low as 3% depending on the borrower’s credit score and financial situation. Borrowers must also be able to contribute a certain amount of their own funds towards the purchase of the home.
Overall, Homechoice loans can be a great option for borrowers with disabilities who need assistance with upfront costs associated with purchasing a home. However, it is important to carefully review the requirements and eligibility criteria before applying for the loan.
Homechoice Loan Lenders
Homechoice loans are a type of mortgage loan designed to help eligible borrowers with a disability or disabled family member living with them to purchase a home. These loans are often provided by government agencies, non-profit organizations, and private lenders.
One of the most well-known lenders of Homechoice loans is Home Choice Capital, Inc. They offer a range of loan programs that aim to fit the loan program to the buyer, rather than the other way around. Home Choice Capital, Inc. has a team of experienced loan officers who can help borrowers navigate the Homechoice loan process.
Another lender of Homechoice loans is the Washington State Housing Finance Commission (WSHFC). Their HomeChoice program offers down payment assistance and second mortgage loans of up to $15,000 for qualified borrowers with a disability or disabled family member living with them. The HomeChoice program can be combined with WSHFC’s House Key and Home Advantage first mortgage loan programs.
Fannie Mae is another organization that provides mortgage assistance to homeowners. They offer free, personalized mortgage assistance through a housing counseling agency approved by the Department of Housing and Urban Development (HUD). Homeowners can work with a counselor to review their situation and determine available options. The housing counselors work with the homeowner and their mortgage company throughout the process.
The Federal Housing Administration (FHA) also offers Homechoice down payment assistance programs. The HomeChoice Program provides eligible applicants with a payment-deferred, second mortgage. This loan comes with a 1 percent interest rate and provides up to $15,000 to be used for down payment and closing costs. Payments are deferred for 30 years, or until the home is sold, or refinanced.
Overall, there are several lenders that offer Homechoice loans to eligible borrowers. It is important for borrowers to research and compare different lenders to find the best loan program that fits their needs.
How to Use Homechoice Loan Calculator
Homechoice offers a loan calculator that can help borrowers determine the amount of money they can borrow, the interest rate, and the repayment terms. The loan calculator is a helpful tool for those who are planning to apply for a loan and want to have an idea of how much they can afford to borrow.
To use the Homechoice loan calculator, the borrower needs to input the loan amount, the interest rate, and the number of months they want to repay the loan. The calculator will then provide the monthly repayment amount, the total interest payable, and the total amount payable.
It is important to note that the interest rate used in the calculator is an estimate and may differ from the actual interest rate offered by Homechoice. The actual interest rate will depend on the borrower’s credit score, income, and other factors.
To get a more accurate estimate of the interest rate, borrowers can contact Homechoice directly or use the loan application process to get a personalized quote.
Overall, the Homechoice loan calculator is a useful tool for borrowers who want to get an idea of how much they can afford to borrow and how much they will need to repay each month. By using the calculator, borrowers can make informed decisions about their finances and choose a loan that is right for them.
Reading Homechoice Loan Reviews
When considering taking out a loan with Homechoice, it’s important to do your research and read reviews from other customers to help you make an informed decision. Here are some key things to keep in mind when reading Homechoice loan reviews:
Look for Consistency
When reading reviews, it’s important to look for consistency in the feedback. If multiple reviews mention the same issue or problem, it’s likely that it’s a legitimate concern. On the other hand, if one review mentions an issue that no one else has experienced, it may be an isolated incident.
Consider the Overall Rating
While individual reviews are important, it’s also helpful to consider the overall rating of Homechoice on review websites. A high rating with many positive reviews can indicate that Homechoice is a reputable lender with satisfied customers.
Pay Attention to Customer Service Feedback
Customer service is an important aspect of any lender, and Homechoice is no exception. When reading reviews, pay attention to feedback about the customer service experience. Did the customer feel that their questions were answered and their concerns addressed? Were they treated with respect and professionalism?
Take Note of Interest Rates and Fees
When taking out a loan, the interest rate and fees can have a big impact on the total cost of borrowing. It’s important to read reviews to get an idea of what other customers have experienced in terms of interest rates and fees. Keep in mind that interest rates and fees can vary based on factors such as credit score and loan amount.
Consider the Source of the Review
When reading reviews, it’s important to consider the source. Reviews on Homechoice’s own website may be biased, so it’s helpful to read reviews on third-party websites as well. Additionally, keep in mind that some reviews may be fake or written by competitors, so take everything with a grain of salt.
Overall, reading Homechoice loan reviews can be a helpful way to get a sense of what other customers have experienced with the lender. By paying attention to consistency, customer service feedback, interest rates and fees, and the source of the review, you can make an informed decision about whether Homechoice is the right lender for you.
Contacting Homechoice Loan Services
If you have any questions or concerns about the Homechoice Loan program, there are several ways to contact their customer service team. Homechoice Loan Services can be reached by phone, email, or by visiting their website.
To speak with a Homechoice Loan Services representative, call their toll-free number at 800-767-4663. Their customer service team is available Monday through Friday from 9:00 AM to 5:00 PM EST. They can assist you with questions about the loan application process, eligibility requirements, and repayment options.
If you prefer to contact Homechoice Loan Services by email, you can send a message to their customer support team at info@homechoicecap.com. They typically respond to email inquiries within one business day.
Additionally, you can visit the Homechoice Loan Services website at www.homechoicecap.com to learn more about their loan program. The website provides detailed information about the loan application process, eligibility requirements, and repayment options. You can also use the website to apply for a loan or to make payments on an existing loan.
Overall, Homechoice Loan Services is committed to providing excellent customer service to their borrowers. Whether you prefer to contact them by phone, email, or through their website, their knowledgeable customer service team is available to assist you with any questions or concerns you may have about the Homechoice Loan program.