These are your typical standard loan programs and guidelines.  Usually a minimum of 3%-5% down payment or equity is required along with certain credit score parameters to receive the best interest rates available.  Private Mortgage Insurance is usually required unless the borrower has 20% for a down payment or chooses one of the combination loans that Choice Bank offers.  These have become the most popular loans over time in the industry.

Fixed rate terms: 30, 20, 15 year

Adjustable rate terms: 3, 5, 7 & 10 year

This is one of the most popluar loan programs

These loans are standard mortgages like conventional mortgages except for the fact that they are backed/insured by FHA or VA in the event of a default by the borrower. FHA stands for The Federal Housing Administration which is a department of HUD (Housing & Urban Development).  VA is the Veterans’ Administration which provides backing for loans to eligible military personnel.  Therefore Choice Bank has to underwrite and qualify the borrower based on the FHA or VA guidelines.  FHA & VA loans are generally more liberal with their qualification guidelines and only require a 0%-3% down payment to qualified borrowers.

These programs are a great choice for first time and even second time homebuyers.  For more information on FHA please go to www.hud.gov or for VA go to www.va.gov .

Fixed rate terms: 30 & 15 year

Adjustable rate terms:  3 & 5 year - 1year adjustable available on FHA

WHEDA stands for The Wisconsin Housing and Economic Development Authority.  It was created in 1972 by the Wisconsin Legislature as an independent authority and not a state agency.  WHEDA works closely with lenders, developers, local government, non profits, community groups and others to implement its low-cost financing programs.  Generally WHEDA requires a 3% down payment requirement.  However at times they do offer down payment assistance loans to qualifying borrowers so the potential for a 0% down loan is possible.  To qualify for WHEDA loans you must fall under their household income guidelines and credit score requirements.  WHEDA generally offers a below market interest rate to its borrowers and homebuyer education is required.

Fixed rate term: 30 year

Maximum Amount: None, however you will be limited to the mortgage size as determined by your household income under WHEDA guidelines.

A “Jumbo” loan is defined as a 1^st lien mortgage amount that exceeds $417,000 which is the maximum mortgage amount that Fannie Mae and Freddie Mac will purchase from lending institutions.  Jumbo mortgage are purchased by other Wall Street investors other than Fannie Mae and Freddie Mac.

Jumbo mortgages have more stringent underwriting guidelines and usually require a larger down payment due to the large size of the loan and higher risk to the lender.  They also carry a slightly higher interest rate due to the increased exposure and risk to the lender as well.

Adjustable rate terms: 3, 5, 7 & 10 year

A very popular option for first time homebuyers are what is called the “Zero Down” loan programs.  These types of loans and their terms can vary from lender to lender.  At Choice Bank we offer a number of different zero down options to qualifying borrowers.  With zero down loans, the credit and income requirements typically are more stringent due to the higher risk to the lender.  These types of loans also often carry higher interest rates and private mortgage insurance requirements.

Fixed rate terms:  30, 20, & 15 year   

Adjustable rate terms: 1, 3, 5, 7 & 10 year

Equity in your home is defined as the difference between what you owe on the home and what it is worth in today’s market.  Borrowers then like to be able to “tap” into that equity and use the funds for various reasons.  Thus, borrowers come to Choice Bank for a home equity loan or home equity line of credit.

Choice Bank offers a number of creative home equity financing options for you to choose from.  Borrowers often use these types of loans for a variety of reasons including: college education, home improvements, purchasing investment or second homes, debt consolidation, purchasing a new vehicle, starting a new business and even using the money for investing for retirement.

Fixed rate terms: 3, 5 & 7 year

Variable rates available on lines of credit only.

Maximum amount: $3,500,000

Are you thinking of building a new home or an addition to your existing home?  Then Choice Bank has you covered!  We offer a 12 month “interest only payment” construction loan for our borrowers that allow complete flexibility with your building time frame.

At the end of your construction period, Choice Bank then can convert your construction loan into your permanent financing such as a 30yr fixed rate mortgage.

For more information on construction loans or if you need help finding a builder for your project, just give us a call.  We work with all the top builders and contractors in the market and are proud members of the Winnebago Home Builders Association.

Term: 12 months

Maximum Amount: $3,500,000

Almost all of the loan products as discussed above are able to be refinanced as well.  Borrowers choose to refinance for a number of reasons including: obtaining a lower rate, converting from adjustable rate to a fixed rate, cashing-out “equity, debt consolidation, home improvement, investment etc.

Restructuring the equity in your home by refinancing can help improve your cash flow and create additional wealth enhancement opportunities. 

Feel free to use the calculators’ on this site to see if it makes sense to refinance to a lower rate.  Better yet, give one of our mortgage consultants a call and let us show you the benefits and solutions that refinancing can do for you.

Terms:  Vary depending on product selected

Maximum Amount: Varies depending on product selected