Thank you for your service to your community. Did you know that your service as a police officer makes you eligible for home loans that will make it easier to buy a home? Read on to find out how Homes for Heroes can help you find mortgage financing that fits your needs and gets you into the home of your dreams.
Homes for Heroes
Homes for Heroes is a Minnesota based company, and we first began assisting police officers with their real estate transactions in 2002. Since 2002, we’ve expanded our efforts throughout the United States through affiliations with experienced lending and real estate specialists. Our goal is to serve you throughout the entire home buying process and save you money on your new home.
When you choose to work with a Homes for Heroes lending specialist, you can be confident that they understand the unique financing opportunities that are available to you as a law enforcement professional. In addition to uncovering terrific home loan options for you, your lending specialist promises discounted loan fees so that you save money at a time when every penny counts.
SIGN UP and let us connect you to the local Homes for Heroes affiliate specialist(s) in your community.
Prepare Your Finances
There are a variety of home loans available for eligible police officers. Home loans, like all types of credit, vary in essential things like interest rate and loan fees. The best way to guarantee that you have access to low-interest rates and beneficial loan terms is to ensure that you’re financially fit before you meet with a loan specialist.
- Follow these time-tested tips to strengthen your financial fitness and qualify for optimal home loans.
Improve your credit score. Lenders use your credit score to forecast how likely you are to pay your mortgage payments on time. Typically, lenders love to see credit scores above 750 and borrowers with those types of credit numbers get the lowest interest rates and best loan terms.
- Lower your overall amount of debt. Examine all of the things that you make payments on each month and pay off as much as possible. Financial experts recommend that your overall liability shouldn’t exceed 30% of your available credit. This goal might take some work, but the benefit of a better home loan interest rate makes the pain worth it.
- Gather proof of your income sources. Lenders want evidence that you can afford a home loan before they let you borrow the money. Put together information such as pay stubs, tax returns, child support, and bank statements.
Home Loan Opportunities
As a police officer, you are eligible for numerous types of financing. Let’s take a look at some of the most common types of loan programs that help police officers purchase homes.
FHA loans are a terrific option for first time home buyers because they don’t require a stellar credit rating and only require the buyer to put 3.5% 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) throughout the life of the loan.
HUD Good Neighbor Next Door
Since you’re a law enforcement professional, you also 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% of the appraised value when the house sits 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.
Many police officers have served in the military and are eligible for a VA home loan. These loans do not demand a down payment and, unlike the FHA home loans, borrowers don’t have to pay for private mortgage insurance. VA loans are available to finance your primary residence, and the property must be in livable condition to qualify for the mortgage. However, for those who are eligible, VA loans are an exceptional value.
Geographic Specific Home Loans
There are often geographic specific home loan programs offered to police officers. The City of Chicago has an excellent example of home buying assistance programs available to police officers who work in major metropolitan areas where the real estate prices are high. The Public Safety Officer Home Buyer Assistance Program was developed to improve struggling neighborhoods by encouraging police officers to purchase homes in the communities. Eligible police officers who meet the maximum income requirements receive $30,000 to help with downpayment and closing costs.
An essential feature of the Chicago home buying assistance program is that you’ll need to commit to living in the house for at least ten years to qualify for the $30,000. The City forgives a portion of the $30,000 each year, and you’re responsible for paying the remaining balance if you move out before the ten-year mark.
Homes for Heroes Affiliate Real Estate Specialists
Once you have your financing figured out, check out how a Homes for Heroes affiliated real estate specialist can help you find your home while saving you substantial money on real estate fees. Our real estate specialists are experts at locating fantastic housing options to fit your requirements. Along with sharing their real estate market experience, your real estate agent will send a Hero Rewards check to you for $700 per every $100,000 of the purchase price a few weeks after closing.
Congratulations on your decision to commit to the community where you serve by buying a house. As a police officer, you’ll find that it’s never been simpler to obtain home loan financing. SIGN UP today to learn more about out how Homes for Heroes can assist you with all of your real estate goals.