1st and 2nd Mortgage Loans
Frequently Asked Questions
- Conventional Loan 30 years fixed 4.375%
- FHA Loan 30 years fixed 3.875%
Q. What is the minimum credit score needed to purchase a home?
- Conventional – The minimum credit score is 740
- FHA – The minimum credit score is 640
Q. Are there any application or origination fees?
Currently there is no application or origination fees for the 1st mortgage at this time.
Q. What is the length of time it takes to close on mortgage?
The average length of time to close on a 1st mortgage is 45 days.
Q. How much down payment is required?
- Conventional Loan 5% of sales price
- FHA Loan 3.5% of sales price
Q. What is a Closing Cost?
Closing Cost are fees charged by Lenders, example; attorney fees, appraisal fees. Most of the time, the Homebuyers pay the Closing Cost.
Q. How do I prequalify?
You can apply online or download a paper application at www.1stchoicecu.org. You will receive a response within three business days.
FYI:
You will be redirected to one of our mortgage originating partners’ websites below:
- Credit Union Financial Serivces (CUFS)
1123 Elm Street, NE
Covington, GA 30014
678-658-4466
800-503-6855
www.cufs.org
Q. What is a Homebuyers Workshop?
A Homebuyers Workshop provides general information about the home buying process, down payment assistance programs, closing cost, home inspections, credit readiness and financial options.
Q. How do I apply for down payment assistance?
1st Choice Credit Union has partnership with agencies in the community who provides funding for eligible borrowers.
Contact one of our homeownership counselors at 404.832.5800 for details.
