Home Loans for Police Officers – 2018 Mortgage Programs
USA Home Financing provides competitive home loan programs for law enforcement personnel. This includes police officers, as well as other types of employees of law enforcement agencies. Our home loans are very popular with law enforcement throughout the country, and we are very confident that after you compare our loan terms to other mortgage lenders, you will understand why.
Advantages of Our Law Enforcement Home Loans:
Our loan programs offer many advantages, which includes:
- Low Rates – Our interest rates on all of our home loans, including conventional, FHA, VA, and USDA are very competitive.
- Low Closing Costs – We encourage you to compare our closing costs to other mortgage lenders. The combination of low closing costs and low interest rates makes our loans cheaper than most other mortgage lenders and banks.
- Fast and Easy Processing – One of the greatest benefits of working with us is that we close loans fast, and our loan process is simple. We do not require excessive underwriting, processing, or conditions to close. It is for this fact that we are highly recommended by many real estate agents around the country.
- Excellent Refinance Products – Police officers and law enforcement employees can save big by refinancing to lower rates with our refinance programs. We offer a variety of streamline refinancing and cash out refinancing options for law enforcement.
- Lowest Down Payments – We offer the lowest down payments you will find anywhere. This includes 3.5% on FHA loans, and 100% financing on VA home loans and USDA guaranteed loans. Additionally, the special home buying program for police officers offered by HUD, known as the Good Neighbor Next Door program, offers an opportunity to buy half off homes. This programs only requires a $100 down payment if you use an FHA loan. Our conventional mortgages also offer low down payment option as low as 3%. If you are looking at paying the least amount for a down payment, you will love our programs!
We are committed to providing law enforcement with the best home loans and customer service that we can. Once you close your first home loan with us, you will want us to be your mortgage lender for life!
Home Buying Programs for Law Enforcement
We simplify the home buying process and would be glad to show you exactly what you will need in order to qualify to buy a house. It can often be intimidating when setting out to buy a home, but don’t let it be. We will make it as pleasant of an experience for you as we possibly can, and walk you through every step. Both first time home buyers and repeat buyers alike will find our home buying process to be an easy and smooth experience.
The first step is to determine what type of loan will serve you best. We recommend that you request a free consultation to go over your options. In the meantime, the following should give you a general idea of what programs may be suitable to you.
- First Time Home Buyer Loans – We provide several different options to first time home buyers. This includes conventional, FHA, VA, and USDA loans. Most first time home buyers select either a conventional or FHA mortgage.
- Conventional Loans – Conventional mortgages are great for those who have good or excellent credit (660 or higher). We have conventional mortgage programs that allow police officers to place a small down payment, yet still receive an excellent rate. The lowest down payment option on a conventional loan is 3% through the Fannie Mae 97% LTV option.
- VA Loans – Members of the law enforcement community (or their spouses) who are retired or active duty military members may be eligible for special home loan options. This includes 100% financing (no money down), special low rates, and extra low loan fees.
- FHA Home Loans – FHA loans are the most popular choice for first time home buyers. This is mostly due to the fact that the qualification requirements are lenient, and if you have a credit score of 580 or higher, only a 3.5% down payment is required (please note, as of 2018, we personally require a 620 credit score or higher).
- USDA Home Loans – No money down. USDA loans offer 100% financing. You must buy in a select area for the home to be eligible for a USDA loan. You can learn more about USDA loans here. To qualify for a USDA loan, you technically need to have a 640 credit score, but exceptions are sometimes made for people with lower credit scores if you have “compensating factors”, such as long employment history or savings.
- Good Neighbor Next Door – We are a HUD GNND lender (Good Neighbor Next Door lender (many also offer to this programs as the “officer next door program”). This is a special home buying program for law enforcement, which offers select homes at a 50% discount. This means a $200,000 would be purchased for only $100,000!
- Jumbo Loans – For the police officer who wished to obtain a loan that is higher than the FHA or conforming loan limits (which are determined at the county level), we have home financing products that accommodate to larger home purchases. The maximum loan amount is determined by either your individual or combined income of your and a spouse or other co-applicant.
FHA Home Loans for Police Officers
If you are a first time home buyer, and would like to place little money down, we recommend taking a look at FHA. The FHA is a government-insured loan that is highly popular due to the low down payment option and easy qualification guidelines.
Advantages of FHA Loans
- Easy to Qualify – FHA loans are easier to qualify for than other loans. A minimum credit score of 620 or higher is needed for our FHA loan programs, and the job and income requirements are more lax than conventional mortgages.
- 3.5% Down Payment – The down payment requirement for an FHA loan is only 3.5%. FHA loans also allow down payment assistance to be used, or borrowed money from someone else. There is no requirement that the money come from your own bank account, so you are allowed to borrow it, or receive down payment assistance or grants.
- Low Interest Rates – Our FHA rates are competitive, often offering even those with average credit a comparable interest rate to that of a conventional loan. In fact, our FHA rates are usually just marginally higher than the rates offered on conventional loans.
- Assumable – FHA loans can be assumed, which means the loan can be transferred to another person (or persons), and the loan terms will remain the same. The fact rates are so low now makes this a useful benefit if you want to sell your home at a later date when rates are high!
When you apply for an FHA loan, we will also verify your eligibility for other loans, and help you find the best option for you. For many first time home buyers, FHA loans are the best loan program. They are also available for second time home buyers, and repeat home buyers.
Police Officer Next Door Program
Police officers are eligible participants in the HUD Good Neighbor Next Door program, which is a special home buying program. It is exclusively offered to police officers, teachers, firefighters, and emergency medical technicians. In order to qualify, you must be a full-time police officer through a municipal, county, state or federal agency.
You can learn more about the good neighbor next door program, here. Please understand there is very little availability of homes that are eligible for this program. We encourage you to first check to see if any homes are available in your area before getting pre-approved for a loan specifically for this particular home buying program. For general home loans, such as regular FHA, VA, USDA, or conventional loans, we would be happy to help you pre-qualify or get fully approved at anytime.
Frequently Asked Questions
What types of law enforcement employees can apply?
For our conventional, FHA, and USDA home loan programs, any type of employee of a law enforcement agency can apply. This includes anyone from police officers, correctional officers, and all other types of staff and employees of a law enforcement agency. For VA loans, only veterans may apply. These are not related to law enforcement, but rather the military. For the Officer Next Door Program, only police officers are eligible.
What are the refinancing options?
We have refinancing programs for every type of mortgage (except reverse mortgages). This includes the FHA streamline refinance, FHA cash out refinance, conventional rate/term refinance, conventional cash out refinance, VA IRRRL (VA Streamline), VA cash out refinance, and the USDA streamline refinance program.
What down payment assistance for law enforcement exists?
Down payment assistance programs are generally offered at the local level. The majority are exclusively available in certain cities or counties, and some that are available at the state level. There are some special down payment assistance programs for
Can I cosign with someone other than a spouse?
For most home loan programs, any type of employee of a law enforcement agency can apply. For the Good Neighbor Next Door program, only police officers.
What states do you offer home loans for police officers in?
We offer law enforcement home loan programs in all of the following states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Kansas, Louisiana, Iowa, Illinois, Indiana, Maryland, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington State, Wisconsin, and Wyoming.