NationsChoice Mortgage overview
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 recognition 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 NationsChoice Mortgage website, the company generates more than $1 billion annually in residential mortgages.
- Cash-out refinancing
- No-cash out refinancing
- FHA streamline
According to CEO Chad Fisher, NationsChoice Mortgage 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 Mortgage follows federal underwriting guidelines for federally-backed loans. That means borrowers can put as little as 3 percent down on some loans.
Borrowers with NationsChoice Mortgage 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.