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Are There Special Home Loans For Police Officers

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Advantages Of Conventional Loans

Family of fallen Artesia officer has mortgage paid off
  • You can use a conventional loan to purchase a second home or a rental property. There is no restriction on the use of the house you buy.
  • They have fixed interest rates, meaning that the interest rate does not change throughout the loans life.
  • Conventional loans for police officers can have a higher loan limit compared to government-backed loans.
  • Requires as little as 3% of the purchase price for down payments.
  • There are no up-front funding fees.
  • Conventional loans have more flexible term lengths and down payment amounts.

Be Able To Afford Payments

You must be able to pay your home loan and other debts you may have. The general rule is that your mortgage should not be more than 35% of your pre-tax total wages. Your total debt should also not be not more than 48% of your total earnings. If those numbers are lower than your current finances, you need to reduce the total you owe before getting approved.

Fha Home Loans For Police Officers

FHA loans are a great option for police officers and first-time homebuyers because you dont need a stellar credit rating. These loans also only require the buyer to put 3.5% into a down payment. Typically, police officers with credit scores as low as 580 can qualify for FHA loans. Closing costs can often be rolled into the loan itself too, meaning you need less money at closing than with a conventional loan. These government-backed loans come with very competitive interest rates, although you will need to pay for Mortgage Insurance Premiums, similar to PMI, throughout the life of the loan.

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Why Choose Professional Home Loans

Professional Home Loans.

We went overseas during settlement and it was not a problem for them, everything went smoothly and Im writing this from my new home!

Jack Clancy

Couldnt ask for a better job until next time .

Accountant, Mick and Vanessa Renton

Professional Home Loans has provided us with a very professional service, communicating all the available options to us and in the process he has literally saved us $75k that we would have otherwise paid. They certainly go beyond the call of duty.

Hamilton & Nyari Sydney

We were able to get a loan at a good rate and avoid paying LMI which saved us several thousand dollars that we can now put towards other things. Very helpful and informative about all aspects of the process, not just the loan, which we really appreciated as it made the whole thing a lot easier for us.

Craig and Louise

We assisted Arlyn with a 90% Mortgage with No Lenders Mortgage Insurance payable so she could buy a house and land package Thanks so much. All credits goes back to you as you helped me make all this happen. I couldnt thank you enough for the job excellently done.


You not only got the loan approved on time, but at a better rate! You are professional, honest, dedicated & obviously love what you do-your passion shines through & I look forward to doing all my loans through you from now on!


Professional Home Loans are Australia’s #1 Specialists in Helping Professionals Get Fast Home Loan Approval, at a Great Rate.

Year Fixed Rate Home Loan

A University of Maryland Police officer has retired after nearly 30 ...
  • Interest rate
  • 5 Year Fixed Rate home loan. Max LVR 90%. Minimum new borrowing $150,000


    • No annual or monthly fees
    • The interest rate is fixed
    • Make additional repayments up to $20,000 per year

    The interest rates for the home loans displayed on this site require a minimum borrowing amount which may vary depending on the product. To discuss the interest rate for your specific loan requirements, please call us on or email your enquiry to . Alternatively you can request that we give you a call by submitting a below.

    Cant find what youre looking for? View our complete range of home loans.

    Cant find what youre looking for? To discuss the interest options for your specific loan requirements, please call us on or email your enquiry to . Alternatively you can request that we give you a call by submitting a below.

    View our complete range of home loans.

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    Usda Home Loan Eligibility Requirements

    • CitizenshipTo qualify for this home loan, you must be a U.S. citizen, or meet certain noncitizen requirements.
    • No Housing You must be without decent, safe, and sanitary housing options.
    • Unable to Obtain a Loan You must be unable to obtain a loan from other sources, like conventional or FHA loans. This is typically because of credit or down payment restraints.
    • Primary Residence The home you buy with the USDA home loan must be the home you live at.
    • Federal Programs Since this is a government-backed loan, you must be eligible to receive other federal programs.

    There are some other requirements that youll need to meet in order to purchase a home in general. These are:

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    How Much Can I Borrow

    How much you can borrow is based on your affordability and credit score. Each lender also has its own lending criteria, so there is no set amount attributed to your job title.

    A typical mortgage applicant can expect to borrow around four times their annual salary, however, higher multiples are sometimes offered to those with a higher income and/or better job security. As policing is respected and seen as a trusted career option by many mortgage lenders, you may find that lenders allow you to borrow a higher multiple of your annual salary, in some cases, up to six times your annual income.

    As the average income for a police officer in the UK, unfortunately, being lower than the national average, utilising the low-risk nature of your job type to achieve a higher loan can be very helpful. For example:

    The starting salary of a UK police officer is approximately £20,000, so

    • At a multiple of four times the salary = borrowing of £80,000
    • At a multiple of six times the salary = borrowing of £120,000

    The longer you have worked for the police force, the amount you can borrow will increase due to both moving up a structured pay scale and a reduction in risk as a result of career stability.

    Will a mortgage lender take overtime or second income into account?

    Closing Costs For Special Home Loans

    Team 10: Home loan modification runaround

    With the Government Pension Loan, borrowers are responsible for all closing costs in addition to the application fees. Under certain circumstances closing costs may be rolled into the home loans.

    There are no closing costs for police officers with the Champion Loan! With this special home loan for law enforcement personnel, every bank fee is eliminated.

    Here are examples of some fees that may be eliminated: Application Fee, Loan Processing Fee, Mortgage Underwriting Fee, Mortgage Commitment Fee and associated Commitment Points which can save as much as 2.00% to 3.00% on each home loan!

    Here are some important bullet points about our special home loans for law enforcement:

    • First Time Home Buyer and Second Time Home Buyer Program or a 203k streamline to add a new kitchen or more bedrooms for your growing family.
    • Financing for a single family home, a two to four family unit, a condominium or a manufactured home.
    • Financing for a Mixed Usage Commercial Property such as a store with apartments.
    • Home Loan Programs require very little or NO down payments, competitive low rates and allow more flexible credit criteria.
    • Refinance Programs also provide a rate and term refinance up to a 97.75% loan to value of the appraised value of your home.
    • Refinance Programs also provide a cash-out refinance home loan up to a 85.00% loan to value.

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    Home Loans For Police And Law Enforcement

    Fetch Loans is a member of the Police Home Loans Cooperative . We believe that those that serve the community should be able to live in the community of their choosing. We have a strong understanding of police offer and ‘000 Emergency Services’ needs, and we work relentlessly to ensure you live in the home of your choice.

    There are no limits to the police services and officers we work with. We also work with nurses, doctors, firefighters, and military personnel to source a suitable product given your unique employment position.

    Buying A Good Neighbor Next Door Home

    You can search for homes for sale through the Good Neighbor Next Door program at the HUD Homestore website. First, click on the Good Neighbor Next Door link in the box to the left of the map, and then click on a dark-blue state to see available properties. The light-blue states currently have no homes for sale through the program. To get more information about a home, click on the property case number to see photos and details, such as square footage, number of rooms and year the home was built.

    The inventory of homes changes weekly, and the homes are sold as is. If you find a property you want to purchase, you’ll have to act quickly you have just seven days to make a bid. To do so, you’ll need to work with a real estate agent who is a registered HUD broker. The HUD Homestore website has a tool for finding one in your area. The broker submits the bid electronically for the full list price, and then HUD will apply the 50% discount. If more than one person makes an offer, the buyer is selected by lottery.

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    The Criteria To Save Thousands In Lmi

    To achieve a special interest rate concession and save thousands in LMI you will need to

    • Work as a police officer
    • Have 1 year with your current employer or have worked as a police officer for 2 years,
    • Possess a clean credit file free from defaults, bankruptcies etc,
    • 5% genuine savings
    • Have sufficient deposit for minimum 15% plus stamp duty and purchasing costs,
    • Otherwise be in a sound financial position and meet general lender credit policy

    If you meet this criteria and are looking to buy a home to live in you really cannot afford to not put in a call to Professional Home Loans to see if we can help you. As per the table below, the LMI on a $500,000 mortgage is circa $8,600, the 85% waiver will save you $7310 which is effectively 4 years of principal payments on your mortgage saved! Incredible savings!

    Home Loans For Law Enforcement

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    Last Updated on May 28, 2021 by Maggie Sutton

    Police officers have an extremely difficult job serving their communities. So, when it comes to buying a house, getting a home loan should be easy. Thankfully, there are a number of great home loan options available specifically for law enforcement officials, as well as down payment assistance. Lets take a look at some of the most common types of home loans for law enforcement to buy a home, and how Homes for Heroes can help.

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    What Help Is Available

    Although the Key Worker Mortgage Scheme was dissolved back in 2019, there are still home ownership schemes that can be helpful to police officers and police staff, particularly First Time Buyers.

    Help to Buy

    The Help To Buy Scheme allows First Time Buyers to borrow up to 20% towards their new home. You need to provide the first 5% yourself and the loan will make it up to a maximum of 25% so that you only need a mortgage at a 75% Loan to Value rate, making it both easier to obtain and more affordable. For more information:

    Right to Buy/Right to Acquire

    This scheme can be useful to those who live in a housing association or local authority property. Where available, it gives you the opportunity to purchase the home you rent at a price considerably below market value. This is not available throughout the UK, however, and each housing provider has its own criteria, so if this applies, its certainly worth checking whether its available to you. For more information:

    Speak to an expert

    We will work at times that suit you and your family, carrying out appointments via video call, telephone or email, giving you the benefit of first class service, around your own schedule, and in the comfort of your own home. So let us handle your mortgage today and find out how well we can look after you, The Mortgage Mum way!

    State And Local First

    Your state, county, and city should be the first places to look for first-time home buyers assistance. State and local governments often have funds dedicated to down payments or closing costs, either in the form of grants that dont need to be paid back or low-interest loans where payment is deferred for a number of years.

    Many programs have income restrictions and are intended for people with low to moderate incomes, and many require the home to be your primary residence. Each state program is different. They offer a variety of competitive interest rates, down payment assistance, closing cost assistance, or tax credits. Each state has its own loan type qualification. Check your state for more details.

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    Conventional Loan Interest Rates

    Interest rates for on conventional mortgage loans are slightly higher than government-backed mortgage loans for police officers, such as FHA loans. The interest on home loans is determined by how much it costs the bank to borrow you the funds. They also look at your financial profile, or how likely you are willing and able to pay the loan back. The more it costs the bank to borrow, the higher your interest rate is going to be. Remember that higher interest rates make your loan more expensive over the life of the loan. Currently, however, interest rates are at or near historic lows, which means now can be a smart time to get a deal on a mortgage.

    Getting a conventional loan for police officers while interest rates are low means a few things. For one, you will most likely not need to refinance your mortgage any time soon, which will save you money on refinancing closing costs. You might also be able to afford a conventional loan in a shorter term interval, for example, 20 years instead of 30 years. By reducing the number of years on your mortgage, you will pay less in interest over time. However, keep in mind payments almost always go up in total dollars youll pay each month when the amount of years goes down, even with a lower interest rate. This is because the total amount borrowed is the same, but you have a shorter timeframe to pay it back.

    Thank You For Your Dedication To Protect Us

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    At Mortgages For Champions, we appreciate all the hard work and effort police officers and law enforcement personnel like you do to protect us. That is why we offer two different types of home loans that are special for law personnel just like you. If you are:

    • First or second time home buyer
    • Looking to add a new addition or remodel your home with a 203k streamline
    • Looking to purchase a single family, two to four family unit, a condominium, or a manufactured home
    • Want to purchase a mixed usage commercial property like a store with apartments attached
    • Looking for programs that require little to no down payments
    • Want to refinance your home for up to 97.7% loan to value of the appraised value of your home
    • Cash-out refinance home loan for up to 85% loan to value

    Then let us help you obtain those goals. We offer the following types of programs specially for you:

  • Government Pension Loan This loan is funded through the states housing and financing departments eligible to paid police officers in certain applicable states. With this loan, you would want to read the fine print as there might be some high fees or tax implications you are acquired to pay. Borrowers are responsible for all closing costs as well as the application fees. Under certain circumstances, borrowers may roll the closing costs in their home loans.
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    Disadvantages Of A Fha Loan

    While all those advantages make the FHA home loan seem like a great option, there are a few things to note about FHA home loans:

    • Upfront Funding Fee: There is an Upfront Funding Fee of 2.25% of the total financed amount, paid when you close on the loan. This covers the administrative costs of creating your loan.
    • Mortgage Insurance Premiums All FHA home loans for police officers must include MIP for the life of the loan. The current rate for MIP is 0.85% of the loan, and this payment is typically rolled into your monthly mortgage payments. MIP protects the mortgage lender in case you are unable to pay the loan back. Think of it as extra insurance that youll pay your loan back, as the bank is taking a risk giving you the money.

    Generally, a FHA loan will cost a home buyer more money over the term of the loan versus other home loans such as a conventional loan, VA loan or USDA loan due to the higher interest rate and MIP costs. The MIP is a big reason why home buyers with lower credit scores and smaller down payments still have the ability to purchase a house. Even with those disadvantages, it still allows police officers to buy a home when they otherwise may not have qualified to.

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