Discounts on Law Enforcement Home Loans
The law enforcement home-buying program is a broad term for multiple loan types that offer discounts, grants or credits to law enforcement officers. The professions that qualify as law enforcement are police officers, prison guards, state troopers, county sheriffs, border patrol officers, and retired law enforcement officers. Depending on the area, the various loans that can be paired with the grants, discounts or credits may include FHA loans, Conventional loans, USDA loans and VA loans. One such program is through Heroes Home Advantage. This program offers cash back, credits, and/or discounts when a law enforcement officer purchases, sells or refinances a home. These discounts or rebates can be applied to the closing costs so that less money is needed at closing.
Heroes Home Advantage is a network of realtors, lenders, lawyers, home inspectors, title companies, and other professionals who want to give something back to our heroes. Our heroes are those who serve, protect, and take care of our country and community, such as military officers, law enforcement professionals, firefighters, health care personnel, emergency personnel, and teachers.
Law Enforcement Officers Discounts On Mortgages
Law enforcement officers get discounts on their mortgages. The discounts on their mortgages are offered by utilizing the network of professionals through Heroes Home Advantage. Law enforcement officers can get closing cost credits or rebates through lender credits, attorney fee credits, engineer inspection discounts, chimney inspection discounts, remodeling services discounts, furnace or AC cleaning discounts, and more. These discounts can be received whenever law enforcement officers buy, sell or refinance a home or a property through a Heroes Home Advantage partner.
Heroes Home Advantage is a large network of realtors, loan officers, attorneys, and home service providers that help our heroes. Our heroes can save a significant amount from their closing costs when utilizing all the partners in the network. Over the last 10+ years, Heroes Home Advantage has assisted over 8,000 heroes and given back over $20,000,000.
Find Home Loan Discounts For Law Enforcement
The good news is, there are home loan discounts for law enforcement through the Heroes Home Advantage. Heroes Home Advantage provides closing credits or rebates, lender credits, attorney fee credits, engineer inspection discounts, chimney inspection discounts, remodeling services discounts, furnace or AC cleaning discounts, and more. These discounts are available to law enforcement officers through Heroes Home Advantage.
Heroes Home Advantage consists of professionals who are mostly former veterans, police officers, teachers, firefighters, healthcare professionals, and emergency personnel. Other members are law enforcement family members, which is why Heroes Home Advantage is very passionate about giving back using their time and money to our heroes who are planning to buy or sell a home.
Eligibility For The Law Enforcement Mortgage Program
Law enforcement officers, such as police officers, prison guards, state troopers, county sheriffs, border patrollers, and retired law enforcement officers, are eligible for the law enforcement mortgage program. The law enforcement mortgage program is offered by Heroes Home Advantage. Heroes Home Advantage is a program created to help American heroes get discounts whenever they make transactions for a house. Transactions for a home include buying, selling, and refinancing a home.
Law Enforcement Real Estate Discount
Yes, there is a law enforcement real estate discount. The law enforcement real estate discount is offered by Heroes Home Advantage. Heroes Home Advantage gives benefits to law enforcement officers by asking realtors to give 30% of their commission, lenders to give up to $500 credit, and title companies and lawyers to give up to 10% discount on their fees. With this amount of discount, law enforcement officers can save up to $750 per $100,000 of the purchase or sale price, excluding other partner credits. This makes Heroes Home Advantage the highest real estate discount program in the United States.
Types Of Home Loans For Law enforcement:
Conventional Home Loans For Law enforcement
Conventional home loans for law enforcement are the most common law enforcement mortgages because of the following advantages. The first advantage is that there are no upfront funding fees. Upfront funding fees are required charges that FHA, USDA and VA loans have. These fees serve as an added layer of insurance for loans that have little to no down payment. Conventional loans are typically for individuals who have higher credit scores.
The second advantage of conventional loans is the down payment. The down payment can be as low as 3% of the sale price. However, when law enforcement officers are buying with a down payment of less than 20%, Private Mortgage Insurance (PMI) is required. The purpose of PMI is to protect the lender against default by the borrower.
The other advantage of this type of loan option is the interest rates. The interest rates for law enforcement officers with good credit scores are lower than those of some other loan types that allow lower credit scores. Law enforcement officers can also choose between multiple terms with a conventional loan, such as 10, 15 or 30 years to name a few.
FHA Home Loans For Law enforcement
The Federal Housing Administration (FHA) home loans for law enforcement officers are also attractive, especially to first-time homebuyers. First-time home buyers can qualify for an FHA home loan even with a lower down payment or a lower credit score. Lower down payments are in the amount of 3.5% of the purchase price, while credit score requirements are at least 580 unless a larger down payment is utilized.
If you are a law enforcement officer, ask an experienced loan officer if a FHA loan is best for you. There are pros and cons of a FHA loan and the differences should be explained so that the best decision is made. FHA loans have great rates even with lower credit scores and can be a great option for law enforcement officers. Keep in mind, a FHA loan has upfront mortgage insurance and monthly mortgage insurance.
USDA Home Loans For Law enforcement
The U.S. Department of Agriculture (USDA) Home Loans for law enforcement officers are types of loans that have specific requirements in terms of the location of the house and total income. The house is required to be in a designated area that is considered rural. If you are a law enforcement officer wanting to live in a rural area, this might be the best loan for you.
USDA home loans do have income limitations that are dependant on the county and total members in the household. However, it requires no down payment so the only loan expense is the closing costs. Although there is no minimum score requirement, the chances of loan approval below 640 are very low. So, if you are a law enforcement officer looking for a loan with low down payment and are interested in living in a rural area, this might be the best option for you!
Down Payment Assistance For Law enforcement
There are some down payment assistance programs for law enforcement officers but that is dependent on the area of the country. Some states will offer grants that can be used for a down payment and/or closing costs. Additionally, there are other options that offer discounts or rebates from real estate agents and lenders. One example of a rebate program for law enforcement is Heroes Home Advantage.
Heroes Home Advantage offers discounts from real estate commissions, lender fee discounts, attorney fee discounts, and more to law enforcement officers. Law enforcement officers and eligible borrowers also get other discounts on engineer inspections, chimney inspections, remodeling services, and furnace or AC cleaning services if there is a participating partner in the area.