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You are our unsung heroes, those who come to our aid, risking your life to save ours. The estimated number of career and volunteer first responders in the United States is 4.6 million. We offer a huge Thank You to those champions, including all of you who serve us as EMTs, firefighters, government, medical care, law enforcement, military, and education we offer a special discounted mortgage.
To learn how you can receive Mortgages for Champions, complete with discounts, lending personalized for you, competitive rates, and a quick lending process, read on.
What are Mortgages for Champions?
When you participate in the Mortgages for Champions discount program, we wave all the lender closing costs. Those costs sometimes exceed $1,700.
When applying for a mortgage through RealFi you will not pay any application fees, processing fees, underwriting fees, nor commitment fees. You will receive a licensed loan officer who will work with your individual financial situation to secure a loan that fits your personal needs.
This is not an exclusive “doctor’s only” program for the medical profession. It doesn’t matter if you are a nurse, doctor, EMT, or other health care professional, you can receive the special Mortgage for Champions discounts.
Nurses often have difficulty obtaining a mortgage because banks sometimes view flexible schedules as unreliable. You may be able to provide a letter verifying your base income, but that does not necessarily reflect your true income level with double shifts, extra shifts, and more.
If you have a history of a higher income, that may not be a problem. If you have been in the industry for less than two years, it will be difficult to substantiate your income level to satisfy most lenders.
Not in the health care industry? These special discounts apply to all special workers, including teachers, law enforcement, government, and firefighters. In fact, many persons involved in the educational field, guidance counsellors, tutors, librarians, athletic directors, coaches, and even retired teachers may qualify.
It doesn’t matter if your employment was in private or public school, nor whether it was a grammar school, high school, or special education. All you need to do is show verification of past employment and your certificate of teaching or degree to qualify.
To get you started we recommend you use our convenient mortgage calculator. The calculator allows you to enter the value of a property you wish to purchase and you will see an estimate of your monthly payment.
Once you have an idea of what your payment would be, you are in a better position for selecting a mortgage option that works for you. Don’t worry if you are unsure. Your RealFi loan officer will review your personal situation and qualifications and make a recommendation on your best loan options.
Which Mortgage to Choose
When applying for your Mortgage of Champions, there is a wide range of mortgage types to choose from. You may select from the following:
No Money Down
Just because you don’t have thousands of dollars available for a down payment does not mean you will be unable to obtain a loan. With a no money down loan, you can purchase a home using 100% financing under various loan options including a USDA loan or a VA loan.
USDA Loan
These mortgages are obtained through the USDA Rural Development Guaranteed Housing Loan Program that is available through the United States Department of Agriculture. This zero-down mortgage is not widely known and is available to those in rural and suburban areas.
The program is unique because it is the only zero-down government-backed program that does not require the borrower to have served in the military. The USDA’s definition of rural is very liberal. There are many exurbs, suburbs, and small towns that fulfill the rural requirement.
The USDA also has very lenient requirements for eligibility. This allows low to medium-income families to purchase at a rate that is often below those of a conventional 30-year fixed-rate mortgage.
VA Loan
One of the benefits of military service is the ability to obtain a VA loan. The loans are also available to veterans, surviving spouses, and dependents. This benefit is available with a zero-down option.
There are no income restrictions, and all loan fees may be rolled into the mortgage. The maximum loan amounts and eligibility requirements are set forth by the Veterans Administration.
Determination of eligibility includes reviewing your duty status and character of service. You do need to have a satisfactory credit rating and an income level sufficient for the monthly payment obligation, and a valid Certificate of Eligibility.
FHA Loans
When you have an FHA loan it is insured, but not underwritten, by the Federal Housing Administration. This loan is easier to obtain because it does not require you to have a high-paying job or an excellent credit rating. Combining the low credit requirements with a lower down payment and the ability to use these loans for purchasing or refinancing makes it an excellent option.
The fact is, FHA is the largest insurer of residential mortgages world-wide. They are a perfect option for first-time purchasers, as well as those who have gone through bankruptcy or foreclosure.
If you have a credit score of 500 to 579 you will need a 10% down payment, but with a credit score of 580 or above, you only need a 3.5% down payment. They do require you to be under a 43% debt to income ratio, and they require Mortgage Insurance Premium (MIP). You must provide proof of a steady income and employment, and the purchase must be for use as your primary residence.
Conventional Financing
When applying for a conventional loan there are no additional fees like those with FHA and VA loans. There normally is a requirement of a 5% down payment.
If you meet higher qualification levels, such as a high credit score, you will have the ability to obtain a better interest rate. The amortization, meaning the number of years you have to repay the loan, is available in 15, 20, or 30 year fixed rate terms.
One thing to keep in mind is that while the payment will be higher for a 15 or 20-year amortization, your overall payout will be considerably less because there will be a lesser time period in which you are paying interest on the loan. It is advisable to go with the least number of years you can afford without risking a fault on the loan.
Fixed-rate mortgages lock in the interest rate for the duration of the loan. This means that regardless of what the economy does, your interest rate remains the same. This is to your benefit if you obtain your mortgage when interest rates are low and later climb.
One thing that may also be offered is an ARM, which is an adjustable-rate mortgage. This loan begins with a fixed interest rate, but after a specific period of time, such as five (5) years, the rate becomes variable. This can work to your benefit in periods of low-interest rates, but if interest rates have sky-rocketed, your mortgage payment may also jump considerably at that time.
Reverse Mortgages
If you or your spouse are at least 62 years old, this is an excellent way to boost your income to allow for a comfortable retirement. The amount you receive under this option depends on how much equity you have in your home, current interest rates, and more.
The way a reverse mortgage works is it provides a way for you to stay in your home while converting all or part of your home equity into cash payments to you. This means that instead of you paying the lender, the lender is paying you.
You do not have to pay the lender back as long as you reside in the home. When you move out of the home, sell the home, or die the loan must be repaid in full.
HomeReady and HomePossible Programs
At RealFi you may be able to participate in a program that provides first-time buyers with down payment assistance. This means you may be able to purchase a home with as little as 3% down and receive a higher level of flexible mortgage insurance options.
You may participate in a first-time homebuyer education course. The course provides you with information on the process to qualify you for a loan. Participation in these programs gives you the opportunity to roll closing costs of up to 3% of the purchase price into your loan.
Another option is the ability to have 100% of your down payment to be a gift from a friend or family member. The HomeReady program is provided by Fannie Mae and the HomePossible program is available through Freddie Mac.
Who is RealFi Home Funding Corporation?
RealFi ranks as one of the top 10 non-bank mortgage companies that are privately held. In business for more than 20 years, they believe customers benefit from dealing with industry professionals, not algorithms generating from a computer program.
The local market experts that RealFi uses understand the current regulations. They are able to recommend mortgages that fit each applicant’s financial situation at competitive rates. The hands-on method of mortgage lending utilized by RealFi results in a process that is beneficial to everyone, including the home builder, real estate agent, and the purchaser of the home.
In addition to standard mortgage options, RealFi offers solutions to those who wish to finance in excess of conventional limits. We are able to provide loans in excess of $425,000.
Learn Your Options
When you are ready to purchase a home, you need to find out all your options from a company that has been in business for more than 20 years. Mortgages for Champions is a program that will put you in the home you desire with a loan that is personalized to your needs.
Contact RealFi today to discuss your options. You may contact us by phone at (914) 923-4300, email us at inquiry@rhfunding.com or complete our online form. The sooner you contact us, the faster your dream home will become a reality.