First Responders: Here Are Your Home Loan Options
If you are a first responder, know that many homeownership benefits are available for you to consider. Some of these programs are state or locally funded and can vary by location, so please get in touch with us at Nuline Funding thoroughly understand your first responder home loan options.
Here is a brief overview of some of those programs:
HUD Good Neighbor Next Door
First responders and law enforcement can participate in the U.S. Department of Housing and Urban Development's (HUD's) Good Neighbor Next Door program. This program helps public servants purchase homes while helping to revitalize the neighborhood.
HUD homes can be purchased for 50% of the appraised value if the house is located in an area that is part of the Good Neighbor Next Door program. Properties are typically only available for seven days, so check the site often and have your pre-approval letter in hand.
Follow the instructions for submitting interest in purchasing a specific home. If multiple offers are made on a single house, a selection via a lottery system. Note that you must first meet the requirements for a first responder and comply with HUD's regulations for the program.
FHA Home Loan
Federal Housing Administration (FHA) loans are government-backed and with more lenient qualifying requirements. This loan program is also top-rated among first-time homebuyers because of the flexible down payment and credit score conditions.
An FHA loan allows a down payment amount of as little as 3.5% and may qualify with a FICO score of 580. Please get in touch with us for more information.
Additional requirements to qualify for an FHA loan are generally easy for a first responder to do, such as having a reliable income and requiring to pay for monthly mortgage insurance.
VA Home Loan
Many first responders also qualify for a Veteran loan with Nuline Funding since many first responders have served in the military.
Some of the perks of VA loans include zero down payment and no requirement to pay for mortgage insurance. Also, since the government guarantees the loan, rates tend to be lower than other mortgage programs.
Did you know that if your spouse served, you could also qualify for VA mortgage benefits? It's true!
To be eligible, you --or your spouse--must have served 181 days during peacetime, ninety consecutive days during wartime, or six years in the Reserves or National Guard.
Down Payment Assistance Programs
These programs are generally offered at the local level. Some are exclusively available to specified cities or counties, while others are available at the state level. Program availability can sometimes be tough to come by, so please get in touch with a loan advisor from Nuline Funding to assist you with the process.
* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.