Police officers, troopers and correctional officers have an extremely difficult job serving their communities. So, when it comes time to buy a house and become a permanent part of that community, you want financing to be easy. Thankfully, there are a number of great home financing options available specifically for police officers. Let’s explore some of the most common types of loan programs that help police officers buy a home.
HUD Good Neighbor Next Door
As a law enforcement professional, you have a fantastic opportunity to participate in the HUD Good Neighbor Next Door program that helps public servants purchase homes in revitalizing neighborhoods. Through this program, you can buy a HUD home for 50 percent of the appraised value when the house is in a designated area. You must agree to live at the property for at least three years to qualify for the Good Neighbor Next Door program. Programs like these are a great way for police officers to save money and start improving communities from the day you move in.
FHA Home Loans
FHA loans are a great option for police officers and first-time homebuyers because you don’t need a stellar credit rating and they only require the buyer to put 3.5 percent into a down payment. These government-backed loans come with very competitive interest rates, although you will need to pay for private mortgage insurance (PMI), potentially throughout the life of the loan.
Homes for Heroes partners with mortgage lenders across the country who know these loan programs inside and out. Sign up and we’ll match you with a Homes for Heroes mortgage specialist who can help you figure out what’s best for your unique situation.
Geographic-Specific Home Loans
Depending on where you’re looking to buy, you may be able to find a geographic-specific home loan program for police officers. You’ll find these most often in major metropolitan areas where real estate prices are high. The city of Chicago, for example, has an excellent home buying assistance program available to police officers who work in the city.
The Chicago Public Safety Officer Home Buyer Assistance Program is a pilot program that was developed to improve struggling neighborhoods by encouraging police officers to purchase homes in those communities. Eligible police officers who meet the maximum income requirements receive $30,000 to help with down payment and closing costs. Many geographic-specific programs, including Chicago’s, require buyers to live in the home for a certain number of years to receive full benefits. Your Homes for Heroes mortgage specialist will help you navigate all of the details and requirements as you go through the loan process.
Time to Buy
Once you have your home loan financing in place, a Homes for Heroes affiliate real estate specialist will help you find the home of your dreams. Our real estate specialists are experts at locating fantastic housing options that meet your needs. Whether your department requires you to live within the jurisdiction, you’re searching in a competitive market, or you just want to live close to your precinct, our specialists can find the right home for you.
Along with sharing their expertise and gratitude, they’ll also save you substantial money on real estate fees. After closing, Homes for Heroes will send you a check for 0.7 percent of the purchase price. That means if you buy a $300,000 house, you’ll receive a Hero Rewards check worth $2,100 in the mail from Homes for Heroes. From the best possible loan to a check at closing, it’s just our way of saying thank you for the service and sacrifice of police officers everywhere.
Are you a police officer looking for help financing your next home purchase? Sign up today and see how Homes for Heroes can help you save money.