Mortgage Lending: JustChoice Lending

Fahe’s Mortgage Lending division is known as JustChoice Lending. JustChoice Lending provides affordable home loans to low- to moderate-income families. These loans are available directly in the local community but more importantly this service is offered through our Members in areas where families would not normally be able to receive such loans. Below is a listing of some of the loan types JustChoice Lending can offer you.

USDA 502 Direct Housing Loans

502 loans are primarily used to help low income families in rural areas afford a home. Funds from these types of loans can be used to build, repair, renovate or relocate a home. 502 loans can also be used to purchase or prepare a site for a home, such as providing water and sewage facilities to the lot.

The 502 Direct Housing Loans helped to change the lives of a disabled mother and her three daughters in Somerset, KY. Read their story on our blog.

USDA Guaranteed Rural Housing Service Mortgages

Guaranteed rural housing mortgages differ from 502 loans in that they are available to people with an area median income of up to 115%. For these types of loans there is no down payment necessary but they cannot be for more than the home’s appraised value. Properties that can be purchased using the USDA Guaranteed Mortgage include existing homes, new construction, modular homes, Planned Unit Developments, eligible condominiums and new manufactured homes.

Veteran Administration Mortgages

JustChoice Lending also offers VA loans, which are loans guaranteed by the Department of Veteran’s Affairs. These loans can only be used on a home for the veteran’s personal occupancy and can be used to build a home, to purchase an existing home, to improve a home, or to purchase and improve a home. If you would like more information visit the JustChoice Veteran Administration Mortgages page or VA Home Loan page.

FHA 203(b) Mortgages

FHA loans are mortgages backed and insured by the Federal Housing Administration. There are several types of FHA loans but the FHA 203(b) is the most utilized one. In addition to being insured loans the 203(b) has several additional benefits, such as the down payment requirements being lower than traditional mortgages. The HUD sets limits on the amount that can be borrowed for an FHA 203(b) loan, go to the FHA mortgage limit page to see the current limits.

Conventional Mortgages

JustChoice Lending also offers conventional mortgages. Conventional mortgages are loans that are generally on a fixed interest rate term and which generally meet the Fannie Mae or Freddie Mac criteria and guidelines. Conventional mortgages typically require a higher down payment. For more information visit JustChoice Lending’s Conventional Mortgage page.

Refinance Mortgages

JustChoice Lending can also refinance a loan for you if that is what you need. We offer 4 different options to refinance your traditional loan including cash-out or cash back, fixed rate, shorter term or longer term.

To learn more about our mortgages and responsible lending practices, please visit the JustChoice Lending website.

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