{"id":6219,"date":"2022-12-29T07:09:50","date_gmt":"2022-12-29T12:09:50","guid":{"rendered":"https:\/\/dreamhomefinancing.com\/?p=6219"},"modified":"2024-01-12T07:46:45","modified_gmt":"2024-01-12T12:46:45","slug":"loans-for-first-responders","status":"publish","type":"post","link":"https:\/\/dreamhomefinancing.com\/loans-for-first-responders\/","title":{"rendered":"Home Loans for First Responders – Loan Options, Incentives and Grants"},"content":{"rendered":"

\"Home<\/span><\/p>\n

There are special programs in 2024 for first responders who are looking to purchase or even refinance a home.<\/span><\/p>\n

Various lenders have created unique mortgage programs or incentives to help first responders through the mortgage process.<\/span><\/p>\n

What are First Responders?<\/strong><\/span><\/h3>\n

First responders are those who respond to emergencies may include the following professions and lenders who offer home loans for first responders may include more that are not listed below.<\/span><\/p>\n

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  • Police officers<\/span><\/li>\n
  • Fireman<\/span><\/li>\n
  • EMTs<\/span><\/li>\n
  • Paramedics<\/span><\/li>\n<\/ul>\n

    If you are a first responder and do not see your profession listed above, contact us because you still may be eligible.<\/span><\/p>\n

    Home Loans for First Responders<\/strong><\/span><\/h2>\n

    There are some basic loan programs that may be well suited for first responders. These are standard loan programs but when bundled with some of the special incentives that are discussed below, it makes buying a home extremely affordable.<\/span><\/p>\n

    These are the basic first responder loan programs:<\/span><\/p>\n

    Conventional<\/strong> \u2013 Available to first responders who have good credit and at least 5% down.<\/span><\/p>\n

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    • Must qualify using documented income<\/span><\/li>\n
    • 5%+ down payment required<\/span><\/li>\n
    • No PMI with a down payment of at least 20%<\/span><\/li>\n
    • Minimum credit score of 620 required<\/span><\/li>\n<\/ul>\n

      Read [conventional mortgages<\/span><\/strong><\/a>]<\/span><\/p>\n

      FHA<\/strong> \u2013 Perfect for those who have lower credit scores or who are trying to qualify for a larger loan amount.<\/span><\/p>\n

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      • Down payment of at least 3.5%<\/span><\/li>\n
      • Minimum credit score of 500<\/span><\/li>\n
      • Debt to income ratios of up to 56.9% allowed<\/span><\/li>\n
      • Rehab version of the program is available<\/span><\/li>\n
      • Home must be your primary residence<\/span><\/li>\n<\/ul>\n

        Read about [FHA Loans<\/span><\/strong><\/a>]<\/span><\/p>\n

        USDA<\/strong> \u2013 If you are purchasing in a rural area, a USDA loan is a program that you may be eligible for with no down payment.<\/span><\/p>\n

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        • Available for homes located in a rural area<\/span><\/li>\n
        • No down payment required<\/span><\/li>\n
        • There are income limits<\/span><\/li>\n
        • No credit score requirement but most lenders as for a score of at least 600<\/span><\/li>\n<\/ul>\n

          Read more on [USDA Loans<\/span><\/strong><\/a>]<\/span><\/p>\n

          VA<\/strong> \u2013 For those who are also active military or veterans, a VA loan with zero down is a loan program to consider.<\/span><\/p>\n

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          • Available to veterans, active military, or spouses of veterans<\/span><\/li>\n
          • No down payment required<\/span><\/li>\n
          • The 1.75% funding fee may be financed<\/span><\/li>\n
          • For the purchase of primary residences only<\/span><\/li>\n<\/ul>\n

            Read [VA Loan Information<\/span><\/strong><\/a>]<\/span><\/p>\n

            These are just a few of the programs that may work for first responders. Just complete this short loan scenario form<\/span><\/strong><\/a> and someone will call to discuss your options and the incentives for first responders.<\/span><\/p>\n