What is the First Responder Loan Program?

The first responder loan program is a common term for specialized home loans for first responders. First responders are people with expert training that go immediately to the scene of an emergency, such as a natural disaster, an accident, or a terrorist attack, to provide assistance like emergency services and medical services. First responders include paramedics, police officers, firefighters, emergency medical technicians (EMTs), and rescue squads, according to the U.S. Department of Commerce.

First responder loan programs provide grants, closing costs credits, and down payment assistance whenever first responders buy, sell or refinance a home. Home loan assistance programs, such as Heroes Home Advantage, offer discounts for first responders. First responders can enjoy huge savings and an easier buying process as tokens of gratitude for their service to our communities and our country.

The Benefits of First Responder Home Loans

There are several benefits of first responder home loan programs. The first is credits or rebates at closing. First responders can enjoy huge savings coming from realtors giving back a portion of their commission. Realtors with Heroes Home Advantage give 30% of their commission to the program. The Heroes Home Advantage program gives back up to $5000+ worth of realtor commission fees to first responders as a credit at closing or rebate after closing.

The second benefit of first responder home loan programs is discounts on lender fees. Participating lenders give a discount of up to $500 of lender credits with the Heroes Home Advantage program. 

Another benefit of first responder home loan programs is discounts on attorney fees. Attorney fee discounts of up to $250 are given as fee credits through the Heroes Home Advantage program. This program allows first responders to save a lot from attorney fees, which usually cost up to $1500.

One more benefit of first responder home loan programs is discounts on engineer and chimney inspection fees. Engineer and chimney inspection fees’ price range is from $300 – $1000 and $200 – $500, respectively. First responders can get an additional $25 and $40 discount on engineer and chimney inspection fees through the Heroes Home Advantage when there is a partner in your area.

Lastly, first responder home loan programs give more benefits on the furnace or AC cleaning fees. Discounts of up to $10 on the furnace and AC cleaning fees are provided by the Heroes Home Advantage program. The Heroes Home Advantage program gives more savings for first responders since furnace and AC cleaning fees can cost up to $300 and $90, respectively.

Who qualifies For A First Responder Loan?

First responders such as paramedics, police officers, firefighters, rescue squads, emergency medical technicians (EMT), ambulance personnel, and dispatch personnel qualify for the first responder loan program. The first responder loan program is offered by Heroes Home Advantage. Heroes Home Advantage is a program created to help American heroes receive bonus incentives, such as discounts, credits, and rebates whenever they conduct a house transaction. House transactions include buying, selling, and refinancing a home or property.

What Types Of Loans Are Available For First Responder Loans?

There are different types of loans available for first responders. The first type of loan is a conventional home loan. Conventional home loans for first responders are the most common loans because of no upfront funding fees. Upfront funding fees are added layers of insurance for mortgage loans with little to no down payment. Conventional home loans also have a lower down payment. Down payment can be as low as 3% of the purchase or sale price. Conventional home loans also have lower interest rates when they borrower has a higher credit score. Interest rates are offered to first responders with high credit scores.

Conventional mortgages, on the other hand, require Private Mortgage Insurance (PMI). PMI is required if the down payment amount is less than 20% of the loan amount. PMI serves as added insurance to lenders in case borrowers default on the mortgage loan.

The second type of loan for first responders is the Federal Housing Administration (FHA) loan. FHA loans are beneficial for first responders who are also first-time homebuyers. First-time homebuyers can obtain FHA home loans with a down payment of 3.5% of the list price and can qualify with credit scores of at least 580.

FHA loans, on the other hand, have upfront mortgage insurance premiums and monthly mortgage insurance premiums. Up-front mortgage insurance is an insurance premium collected by the Federal Housing Administration (FHA) when the loan is made. FHA loans also have Mortgage Insurance Premiums (MIP) of 1.75% of the loan amount and mortgage insurance that is paid monthly.

The next loan option for first responders is the U.S. Department of Agriculture (USDA) loan. USDA loans are popular in rural areas because they reward first responders who wish to live in the countryside. USDA loans require a zero down payment which allows first responders to focus on paying the closing costs.

USDA home loans, on the other hand, have income limitations that are dependent on the state or county and the total members of the household. First responders with credit scores below 640 can experience difficulty in getting a mortgage loan approval.

Another type of loan for first responders is the down payment assistance program. Down payment assistance programs are home buying assistance programs that give grants based on the state where the first responder is based. First responders can utilize the grant to pay closing costs and/or the down payment.  Contact Heroes Home Advantage to see if your area has a down payment assistance program.

Heroes Home Advantage is a network of realtors, lenders, attorneys, home inspectors, title companies, and other professionals who give back to our American heroes by offering them a real estate discount program. The Heroes Home Advantage program also consists of retired veterans, police officers, teachers, firefighters, healthcare professionals, and emergency personnel, which is why we are passionate about giving back to our modern-day American heroes.

First Responder Mortgage Programs And Discounts

There are many first responder mortgage programs and discounts in the United States that are specialized for first responders who are eligible borrowers. The best first responder mortgage program and discounts are offered by Heroes Home Advantage. Heroes Home Advantage grants discounts of up to $750 for every $100K of the purchase or list price. The discounts that first responders can enjoy are from closing cost assistance, lender fees, attorney fees, inspection fees, remodeling services fees, and furnace and AC cleaning fees.

Heroes Homes Advantage First Responder Loan Program

The Heroes Home Advantage first responder loan program is provided by professionals that are the best in the business. These professionals have given part of their earnings as discounts for first responders when our heroes buy or sell a home. First responders are guaranteed to receive assistance from our partner realtors, lenders, attorneys, home inspectors, title companies, and more from the start of the loan application up to the finish through the Heroes Home Advantage. Heroes Home Advantage has helped over 8,000 American heroes, such as military service members, law enforcement officers, firefighters, health care personnel, teachers, and first responders, save over $25,000,000.