Mortgages for Champions Special Mortgage Programs: What You Need to Know

Mortgages For Champions Offers Many Special Programs

The number of home sales only continues to rise, with the total amount of homes sold in 2020 being the highest since 2006. Interest rates were incredibly low and home buyers took advantage of the opportunity to purchase a new home.

Mortgages for Champions offers a variety of mortgage programs for potential home buyers. There are programs for teachers, government, and other public professions. Additionally, there are programs designed to help those in financial need or first-time home buyers.

Wherever you are in your home buying journey, Mortgages for Champions can help. This guide will go over the various home mortgage programs we offer and how you can apply.

What’s the Mortgages for Champions Program?

RealFi Home Funding started the Mortgages for Champions program in order to thank our hardworking, selfless champions in the below industries:

Firefighting
EMT
Law Enforcement
Government
Military
Medical
Education

We designed these programs to be an acknowledgment of our appreciation for the work those individuals do for our communities. As a thank you, we’re proud to over discounted mortgage rates.

With these discount programs, all of our lender fees get waived. Lender closing costs are applied by all lenders to every mortgage. Sometimes the costs can be up to $1,700.

Our program removes those fees. You also won’t encounter processing, application, commitment, or underwriting fee when you get a home mortgage with Mortgages for Champions.

On top of that, we also offer a personalized lending process with competitive rates that’s quick and easy. We’ve been doing this program for over 20 years. We’ve built long-lasting relationships with local community leaders.

Read on for more information about the types of loans and financing programs we offer.

Debt Consolidation

On top of being a homeowner, you’re likely faced with a myriad of other debts that you’re responsible for. This can include ~auto loans, student loans, and credit card payments. Managing your finances when you’re making payments to multiple entities can be difficult.

We offer a debt consolidation program that’ll make your life easier. A cash-out refinance can give you cash to pay down your debt. That’ll result in reducing the amount of interest you owe and possibly lowering your monthly payments.

Interest rates on a home mortgage are typically lower than that of a credit card. It doesn’t make sense to keep a balance on a loan or credit card that has a high interest. By refinancing your home, you can save on those costs each month.

Our loan officers will review your personal finances and present you with feasible options that’ll save you money every month. Our debt consolidation program is a cash-out refinance. You can turn the equity you’ve built up in your house into cash that you can apply toward your debts.

Connect with one of our loan officers to find out if this is a good option for you.

First Time Home Buyers

With our Champion First Time Home Buyer program, you can qualify for a loan with no bank closing costs. Our loan officers will guide you through the process as you become a homeowner for the first time. We’ll match you with the best team member who’ll help you qualify for your dream home.

One of the best features about our first-time homebuyer program is there’s no minimum credit score to qualify. One of our underwriters will evaluate your entire credit profile in order to determine your likelihood of repayment. Credit issues in your past may get overlooked if you’ve re-established your credit.

Chapter 7 bankruptcies also aren’t an issue if they’re over two years old or one year with extenuating circumstances. With a Chapter 13 bankruptcy, those are allowed with a minimum of one year of on-time payments and trustee approval.

You also need little money upfront. The seller can pay up to 6% of the total sales price toward the home’s closing costs. You can also take advantage of different down payment assistance programs and purchase a house without paying out of pocket.

Purchasing a Home

We offer a Champion loan for home buyers. This is a great option if:

You’re buying a one to four-unit property
You have less than 20% to put down
You don’t have the best credit
You want a stable and low rate
You need a cosigner
You don’t want bank closing costs

Our fixed-rate loans are the most popular solution for Champion financing. Since it’s not an adjustable-rate mortgage, your payment each month will stay the same for the entire duration of your loan.

Since this loan requires only 3.5% as a minimum down payment and the seller can pay up to 6% toward the closing costs, you can purchase a home with little money. Interest-only and adjustable loans will bring down the costs even more. However, that time of loan requires a minimum of 5% down.

Mortgage Loans for Teachers

Teachers can enter in a program established by the Department of Housing and Urban Development (HUD) to purchase a townhouse, condo, or single-family home. Teachers will receive a 50% discount. The Good Neighbor Next Door is designed to encourage teachers to purchase homes in moderate to low-income areas.

Mortgages for Champions is proud to honor the Teacher Next Door Program. It’s open to anyone employed by a public or private school full-time. Additionally, those working as a state-certified teacher or administrator in a state, county, municipal, or federal educational agency may apply.

In order to qualify, you’ll need to certify that you’re employed by an educational facility that serves the district/jurisdiction where the home you’re buying is located. Your employer also must verify that you’re in good standing with them. They’ll need to certify that you’re a full-time educator.

To qualify for this program, you don’t have to be a first-time homebuyer. One caveat is that you can’t own any other home or property when you close on this home. You’ll need to live in this house as your primary residence for at least three years after you move in.

What Are the Benefits?

One of the primary benefits of this program for teachers is that you can purchase a property at a 50% discount. You can also apply for an FHA-insured mortgage loan to make it even more affordable. Your down payment could be as little as $100 with that option.

Homes that qualify for this program are restricted to pre-designated residences located in revitalization areas. A triplex or duplex wouldn’t qualify for it. The houses have to be HUD acquired. Other real estate properties for sale wouldn’t qualify.

If the home needs some repairs, teachers can also apply for FHA’s 203(k) mortgage program. This enables you to finance the home’s purchase and the cost of upcoming repairs. You’ll be able to have one loan that covers both costs.

What Happens If I No Longer Am a Teacher After Qualifying for This Loan?

What happens depends a lot on the circumstances. Sometimes HUD can restrict you from selling the home for no more than 110% of what you originally bought it for. They could also require you to pay back all or part of the total discounted amount.

Speaking with a qualified loan officer at Mortgages for Champions can go over the features of this loan with you. Educating yourself and applying for the right type of loan will ensure the process goes smoothly.

How Do I Apply?

The properties in the Teacher Next Door program get listed and sold over the internet. You’ll know which ones are included by a special button that’s marked on the property. Bids for the properties are awarded once a week.

The amount you bid must be the exact total of the list price. You can submit your bid to the property directly or use the services of a broker. The winning bid is randomly selected by a computer.

In every case, HUD will require you to sign a second mortgage for the discount amount. No payments or interest is required on this second loan provided that you stay in the property for three years and fulfill your obligation.

At Mortgages for Champions, we’re happy to offer multiple custom loan options that are suited for every type of borrower. Our reputation is built on customer service and efficiency. We’re happy to answer any questions you have as you start on your home buying journey.

Contact Us to Learn More About Our Mortgage Programs

No matter what your financial situation is, there are mortgage programs at Mortgages for Champions that’ll fit your needs. We’re proud to give back to members of our community that already do so much for us. Whether you’re looking to purchase a home or consolidate your debt, we can work with you to achieve your goals.

To find out if you qualify for one of our loan programs, click here to apply.