NationsChoice Mortgage Mortgage Review 2020

By Jennifer Bradley Franklin

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

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3.9

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Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

NationsChoice Mortgage is a mortgage banker serving real estate agents, builders and individual homeowners in Arizona and California. While it’s primarily known as an online lender, it does have two brick-and-mortar locations in the states it serves. Founded in 1994 by mortgage industry veteran Chad Fisher and headquartered in Gilbert, Arizona, NationsChoice Mortgage gained some notoriety in 2009 when, following the recession of 2008, it became the first lender to successfully navigate the U.S. government’s “Hope for Homeowners” loan program. According to the company’s website, it generates more than $1 billion annually in residential mortgages.

Nationwide availability

Available in Arizona and California

Minimum credit score

620 for conventional and VA loans; 700 for jumbo loans; 580 for FHA loans

Loan types

Conventional, VA, FHA and jumbo; refinancing options include cash-out refinancing and no-cash out refinancing; FHA streamline

Pros

  • Offers preapprovals for prospective buyers
  • Offers some no-cost loans
  • Delivers fast, streamlined transactions with competitive pricing

Cons

  • Only services loans in Arizona and California
  • Limited information available online; must call or apply to seek full details
  • While it does occasionally service HomeReady, Home Possible and USDA loans, it does not market them

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NationsChoice Mortgage overview

Loan types

  • Conventional
  • VA
  • FHA
  • Jumbo
  • Refinancing including cash-out refinancing and no-cash out refinancing
  • FHA streamline

Lender fees

According to CEO Chad Fisher, NationsChoice offers some no-cost loans. However, because “each loan is tailored to the client,” he says, prospective customers must begin working with a mortgage consultant to determine which loan product they might qualify for, along with any discounts, points and fee structures.

Minimum borrower requirements

NationsChoice follows federal underwriting guidelines for federally backed loans. That means borrowers can put as little as 3 percent down on some loans (such as FHA).

Borrowers with NationsChoice may also have a maximum debt-to-income ratio, or DTI, of 50 percent with certain loans. That means the sum of your monthly debts (including the new mortgage payment) cannot exceed 50 percent of your gross monthly income.

Get started with NationsChoice Mortgage

Borrowers can apply in person at either the Gilbert, Arizona, or San Diego, California, office, online or by phone. If you apply online, a representative will contact you.

Hours

Monday - Friday: 8 a.m. - 9 p.m. MST Saturday and Sunday: Closed

NationsChoice Mortgage consumer rating and reviews

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