When you begin looking for a loan program or mortgage, you may start to think of a few options. For example, you may think of lenders who deal with programs for bad credit or first-time homebuyers. What you may not think of are loan programs that work with people who are in specific lines of work. Some of these programs are for frontline workers. If you are a frontline worker, you may be interested in the following programs.
Homes for Heroes
Homes for heroes offers loan programs that are geared for nurses. If you are an LPN or RN you may qualify for this program. This is a type of reward program that helps offer discounts on your mortgage rate. You may be able to get a lower APR or you may be able to get certain fees reduced such as the down payment or other fees related to the home purchase. Depending on your location and your home buying needs, this loan program may be an option to consider.
Down Payment Assistance Programs
There are numerous programs for frontline workers that deal with down payment assistance. These programs work with current mortgage lenders or with their own private lenders to help you get approved for the loan as well as pay the down payment. Some of the programs will assist you with only the down payment if you have already been approved for a home mortgage. Your loan officer will be able to walk you through these program options and how to go about applying for their programs.
You may find that the closing costs of your home purchase are out of your budget. In many cases, the closing costs can cover not only paperwork but also inspections and other costs related to closing on your home. There are mortgage loan programs that help frontline workers cover the expense of the closing costs. Just like with the down payment assistance programs, your loan officer can help you navigate the closing cost assistance loan programs for your needs.
When you are ready to move forward with buying your home, contact your local mortgage loan processor. They can inform you about the different loan programs available to you and the specific program that deals with your frontline employment. You can also ask them a few questions about lower interest rates or other specialty loan programs that may assist your situation.