It's no secret that first responders put their lives on the line every day to protect us. These can be firefighters, police officers, other law enforcement personnel, etc. While they may not always get the recognition they deserve, there are several mortgage programs out there designed specifically for them. If you have a client that's a first responder or are on yourself, be sure to check out the programs below!
FHA Mortgage Program
FHA or Federal Housing Administration program options are great, especially for first-time homebuyers. This is because of the flexible requirements. This is also insured by the government, and it is easy to qualify for this type of loan.
Some of the flexible requirements of the FHA program is the low down payment percentage - clients will only need to pay 3.5% of the amount. As per credit score, applicants of this program must have at least a 580 FICO score.
VA Mortgage Program
This is the Veteran Affairs mortgage program. A high percentage of first responders have also served in the military. So, they are qualified for this type of mortgage. VA mortgage programs have their perks as it does not require any down payment or insurance fees. It is also said that this program has the lowest rates in the industry.
To qualify, though, the first responder must have served 90 days in war, 181 days of peacetime, or six years in the national reserves.
HUD Good Neighbor Next Door
The US Department of Housing and Urban Development (HUD) offers public servants the opportunity to purchase homes in revitalizing neighborhoods with a 50% discount when they are located within specific areas; this is known as the "Good Neighbor Next Door" program! Public workers can take advantage by buying a house from an appraised value for just half of what it's worth. The selection process involves seven days' turnaround time.
Home For Heroes
This is a for-profit organization that helps people connect to lenders, real estate agents, mortgage professionals, in order to save costs when buying a home. First responders, including teachers and EMTs, can get assistance from Home For Heroes, and they will help them save at least $2000 in costs with the help of their partner agents.
This is not a mortgage program per se, but this organization helps first responders to connect with the suitable agents who will help them.
Final Thoughts
First responders and their and in the market for a new home, should be sure to check out the programs below. You'll be able to find one that's perfect for their needs and gives all the benefits of homeownership. They could save clients hard earned money and make the process of buying a home much easier. And remember, you deserve it! First responders are our society's heroes.
Have a comment, tip, or concern?
Thanks for reading Elite Informer! Here's more where that came from.