Mortgages for Champions Offers Law Enforcement Extraordinary Benefits
As a police officer (and other law enforcement personnel), you work hard to keep your community safe. Incredibly,
Mortgages for Champions offers Special Programs for our Police
over the span of the last several years, those in law enforcement are getting paid less money to protect the people and enforce the laws in their community.
This decline in wages makes it seemingly impossible to pull together the funds to make a down payment for a home or to cover the closing costs of the purchase. And if you have bad credit? Well, you may be thinking, “there goes my chance of getting a decent loan with lower interest rates”.
It should be easier than that to purchase a nice home in your neighborhood without all of the extra work that goes into it. Something’s gotta give, right? There are home loans for police officers that make it so much simpler to place you and your family in your new home.
Read on to learn more about these loan programs for police officers and others in the law enforcement field.
1. There Are Special Home Loans for Police Officers
Several home loan programs are tailored to the first responders in law enforcement. Mortgages for Champions Program was created because we want to acknowledge and appreciate what our champions do for their communities. Law enforcement personnel are a huge part of this. So we offer them special, discounted mortgages.
Along with this discounted cost of a mortgage loan, we waive the lender fees. This loan is ideal for borrowers that have been or could be approved by Fannie Mae and the Federal Housing Administration (FHA).
2. Government Programs Are Available
Several government programs are available to assist government employees and law enforcement officials. Unfortunately, some of these programs aren’t very friendly to lower credit scores. They also may require you to pay a chunk of money for closing costs and down payments.
Government-backed loans can help borrowers who have decent credit ratings get access to loans that have lower down payment costs. All of this is possible while posing less of a risk to the lenders who provide the initial payment for the home.
Federal Housing Administration
The Federal Housing Administration insures mortgage loans with a 3.5% or a 10% down payment depending on FICO credit scores.
This mortgage loan has a few other requirements for the borrower… They must have a mortgage insurance premium. The home needs to be in the same vicinity as the borrower’s primary residence. The borrower must have a steady income and must be able to provide proof of employment.
U.S. Department of Agriculture
The United States’ Department of Agriculture (USDA) also has a home loan option that requires that the borrower:
- Is a U.S. citizen/resident
- Has a 640 credit score
- Is willing to repay the mortgage
- Has a stable income and proof of employment
- Has a household income of 115% of the median area income
There are also some requirements about the property when it comes to USDA home loans. It requires that the property is near the borrower’s primary residence and it has to be in a qualified rural area.
Veteran’s Affairs
Some police officers are military veterans. The VA can help to assist with the home buying process. This loan type doesn’t require a down payment and they don’t require the borrower to have mortgage insurance. It is a government-guaranteed approval so the borrower’s rates tend to be lower.
3. U.S. Housing and Urban Development Has Loan Programs
Some of the programs available to police officers via HUD might include Good Neighbor Next Door, Public Servant Next Door, and Officer Next Door. These programs are similar to the Teacher Next Door mortgage loans and offer up to 50% off of the cost of a home purchase.
The Good Neighbor Next Door program was created as a way to contribute to the revitalization areas by moving police officers, firefighters, and emergency service providers. Neighborhood revitalization is the act of improving the quality of life for the residents who reside in a neighborhood. Bringing police officers into these neighborhoods helps to solidify safety within these communities.
The Public Servant Next Door loan program is similar to the Good Neighbor Next Door program though it is for all government employees. It allows you to purchase any home that you’d like that is currently on the market. This program means that you are also eligible for the Public Servant Next Door grant and assistance with down payments.
With the Officer Next Door loan program, you will find that the police officers will also be eligible for the Teacher Next Door grant. You may also qualify for additional down payment assistance. You will also be able to purchase any home on the market.
Other law enforcement officials, such as bailiffs, parole officers, criminologists, and substance abuse counselors, may also qualify for the Officer Next Door program.
4. Geographic-Specific Loan Programs
Depending on the state where you reside, there may be additional loan programs that are available to police officers.
In New Jersey, for example, the local government has a program called the Police & Fireman’s Retirement System Mortgage Program. These are also considered to be government pension loans that are specifically for law enforcement personnel retirees who are looking to buy a home.
Check out the different loan programs that are specific to the area where you reside.
5. Anyone in Law Enforcement Can Qualify
It doesn’t matter if you are an active or retired police officer to be eligible for these loans. The title of law enforcement official can branch out to cover the staff of a law enforcement building, crime scene technicians, and corrections officers. This is not a comprehensive list as there are many types of law enforcement staff in the field.
6. These Loans Come With Tons of Benefits
First-time homebuyers (who work in law enforcement) can greatly benefit from going through Mortgages for Champions.
As we’ve covered before, police officers may not make enough money to live comfortably while juggling everyday life on top of a pricey mortgage. Utilizing these loans may help make your life a little bit easier because they come with so many benefits.
There are generally no closing costs. This may cover application fees, loan processing fees, mortgage underwriting fees, and mortgage commitment fees. Some third-party fees may still exist depending on the type of home loan that you go with.
You don’t have to have a perfect credit score to get help. Some of these programs can work with you regardless of your financial restraints.
The down payments are lowered or may not exist. Saving a little bit of money when it comes to closing costs can help you to pay any down payment that arises. However, it is likely that you will only have to pay a smaller down payment. In some cases, your down payment may not even exist.
They offer competitive mortgage rates. You will find that with these home loan programs, you aren’t paying nearly as much on your monthly mortgage as you would if you weren’t using any type of loan program. You may find it easier to add more money to your savings or your rainy day fund. The opportunities are endless.
7. We’ll Help in Any Way That We Can
If you have questions about which mortgage is right for you, don’t hesitate to reach out. Once you decide on the right mortgage for your personal situation, we will be able to speed up the process and get you into your new home as soon as possible. We will do what we can to make the entire process smoother for you and your family.
We will work with you to get you the right program with the most competitive rates for your future mortgage payments.
The Time to Buy Your Home Is Now
Don’t push buying a home to the backburner. It is just as important that you find the right home for you in your community as it is for you to protect the members of your community in your role as a LEO. There has never been a better time to do so.
We are here to answer any questions that you may have about these loan programs. We can also answer any mortgage-related questions that you may have.
Contact Mortgages for Champions today to learn more about these home loans for police officers. Not a police officer? Don’t worry. We have mortgage loans for all of our champions, including EMTs, firefighters, government, medical, military personnel, and teachers
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