There are heroes among us every single day – in the form of first responders, teachers, and nurses. While we should certainly recognize these individuals year-round for their efforts, the month of May includes several special events, including Police Week, Teacher Appreciation Week, EMS Week, and Nurses Week! In honor of each of these incredibly valuable professions, we will be highlighting several mortgage programs that can benefit these heroic individuals.
Despite holding roles that are demanding and in some cases, dangerous, individuals in these types of jobs are often underpaid. When it comes to buying a house, it’s no surprise that many first responders, teachers, and nurses feel like a home purchase is out of reach. Fortunately, several great loan programs can help make homeownership a reality.
1. The VA Loan
A fair number of first responders come from a military background, which may make them eligible for a mortgage option called the VA Loan. VA Loans are backed by the Department of Veterans Affairs and the program offers a zero down payment mortgage to qualified active-duty military, veterans, and their surviving spouses. Another benefit of this program is no monthly private mortgage insurance (PMI). Unlike traditional mortgage programs, which require monthly PMI when putting down less than 20% on a home, the VA Loan program only requires a funding fee, which can be rolled into the loan.
2. The FHA Loan
Another mortgage program with great benefits is the FHA Loan Program. It’s backed by the Federal Housing Administration and requires just 3.5% down. Due to the low down payment requirement, this would be a favorable program for first responders who may not have the savings built up to put down a large sum on a home. Qualifying for an FHA loan is often more flexible than a conventional loan and there are less strict requirements on gifted funds for a down payment.
3. State Housing Finance Agency Options
In addition to the mortgage programs above, state housing finance agencies offer programs that help make homeownership an affordable reality for qualified homebuyers. In our region, the Virginia Housing, Maryland Mortgage Program and North Carolina Housing Finance Agency offer programs to help homebuyers achieve their dream of homeownership by offering opportunities for lower down payments, closing cost assistance and more.
No matter where you are on your journey to homeownership, C&F Mortgage is focused on you every step of the way. Get in touch with our local industry experts today to learn more about our mortgage programs that can meet the needs of first responders in our community.