The Home Choice Loan is an Irish Government backed mortgage for First Time Buyers to purchase a new or second hand property or build their own home. It is not generally available – but is aimed at those buyers who have been refused loans by two or more other lenders.

The maximum loan is 92% of the market value of the  property being purchased. The maximum loan amount is €285,000.  The current rate is 3.71%

To qualify for a Home Choice Loan applicants must meet the following criteria :

* be a first time buyer

* earn over €35,000 as a single applicant and over €45,000 combined income as joint applicants;

* be in continuous employment for a minimum of one year; If self-employed be able to submit two years certified accounts;

* provide evidence  that they could not obtain sufficent finance from two banks or building societies.

The scheme has been running since 2009 – but take up has been very low. (Probably because the income criteria are as high as the mainstream lenders)

Home Choice Loan is operated on a regional basis by four designated local authorities, Cork City Council, Dublin City Council, Galway County Council and Kilkenny County Council
More details at   http://www.homechoiceloan.ie/