Are you an Oregon first responder who wants to buy a home near where you work? Lane County’s competitive housing market can make homeownership challenging to achieve. Here’s how you can use first responder home loans to become a homeowner. For sure, 2020 has been a year you’d rather forget as a first responder. Police, firefighters, and EMTs have been called on again and again to help save lives. It’s no surprise if you long for a home to retreat to at the end of another exhausting day of lifesaving work.
First Responder Home Loans
Fortunately, purchasing a home in Eugene is not out of your reach. There are terrific financing opportunities available to help you buy a house. Let’s look at how two mortgage programs help to make first responder homeownership a reality.
VA Home Loans
VA home loans give qualified veterans, active-duty service members, and spouses the ability to purchase their dream homes. Unlike other loans, you won’t need to come up with the money for a down payment, as VA mortgages don’t require one. The absence of a down payment won’t mean that you’ll owe a monthly personal mortgage insurance (PMI) payment.
Along with the ability to do a zero down payment mortgage, you’ll benefit from highly competitive mortgage interest rates. The result is that you can often afford to purchase a house that would otherwise be beyond your budget.
The federal government backs VA mortgages. However, private financial institutions issue the loans, and each one may have slightly different credit rating eligibility requirements. Therefore, it makes sense to check into several VA mortgage programs to find one that best fits your needs.
FHA Home Loans
Federal Housing Administration (FHA) loans make it possible for first-time buyers to compete in seller-friendly housing markets like those in Lane County. If you qualify, you can obtain a high-quality mortgage with as little as a three and one-half percent down payment. The ability to find financing with such a low down payment makes buying a home an attainable goal.
Expect to encounter some challenges on your way to purchasing a home with an FHA home loan. Banks and credit unions want you to have a decent credit score and will give you premium perks, such as low down payment requirements, for presenting a top-level credit history.
It’s certainly worth considering FHA mortgage options. The low down payment opportunities, combined with very competitive mortgage interest rates, make it possible to buy your first home.
Read this NerdWallet article for complete information on FHA home loans in 2020.
First-time homebuyers should indeed explore VA and FHA mortgage opportunities when it comes to first responder home loans. Other loans that could work on your circumstances include the USDA home loan, Freddie Mac, and conventional mortgages. An experienced mortgage broker will help you find a home loan that suits your money situation and goals.
In addition to a home loan, you should also look into purchase-assistance programs that make it easier to afford a new home. Follow along for an example of how you can access home buying help for first responders in Lane County.
Oregon First Responder Homebuying Assistance
Finding an outstanding home loan is an essential first step in financing your home purchase. The second part is to see if you might qualify for additional financial assistance. There is a strong chance that Oregon first responders will find that extra bit of cash to smooth the homebuying process.
Strategic Mortgage Solution’s Loans for Oregon’s Heroes Program helps lessen the financial strain you might feel when buying a home. Through the program, you’ll reap the benefit that comes with merging a high-quality home loan with additional cost savings. Examples of the ways that we keep your total cost down include the following:
- Super Competitive Mortgage Interest Rates
- Zero Loan Processing Fees
- Home Warranty
Rest assured that there is a myriad of ways to make moving into your dream home possible. Take the time to interview lenders to gain a thorough understanding of the different loans and assistance programs in your area.
Last Thoughts
Lastly, there are first responder home loans on the market that will meet a wide variety of homebuyer situations. From a VA home loan to a conventional mortgage option, there’s a terrific chance that a financial package exists to make you a homeowner. The loan officers at Strategic Mortgage Solutions delight in helping Lane County’s first responders buy a home. Contact us to discuss affordable mortgage opportunities today.
