We have two types of special loans for police officers and law enforcement officers available. Below they are listed.
1) The champion. This special mortgage program is a no-cost bank closure loan. No loan from the mortgage company will be charged, but you will still have to pay any third party fees (valuation, title, insurance, credit, etc.), as well as any interest due in connection with your loan. This home loan is for borrowers approved by Fannie Mae and FHA at a competitive interest rate. This home loan is intended for active and retired staff. To be eligible for this loan, you must have AU approval and appropriate documentation from the champion.
2) Government pension loan. This is a housing loan retirement system funded by the state housing and finance departments. This special mortgage is for police paid in some states only.
Beware, there are verbs on the websites of some states that claim a potential tax implication of this type, as well as high fees. For example, in the State of New Jersey: “The state treasurer has obtained the advice of a tax advisor and relies on his opinion that there is a sufficient basis, in accordance with the guidelines in force, for conclude that it is reasonable for the firefighters’ policy and pension system to take the position that mortgages issued under this program should not be treated as a taxable distribution. If it is ultimately determined that these mortgages are taxable distributions, you may be required to pay tax on the proceeds of the mortgage as well as penalties. We suggest that you consider consulting your own tax advisor before submitting your application. “
Government Loan Fees : Applicants will be required to pay a non-refundable standard application fee and a flat fee of up to $ 1,500, of which $ 750 must be paid at the time of application. The balance of the package is to be paid at closing. If the mortgage closes successfully, the fund administrator, HMFA, must receive € 325, bringing the total cost to the borrower of € 1,825 (this € 1,825 does not include closing costs. ) Fees at the time of application are not refundable unless the mortgage is refused by the lender for underwriting reasons. Borrowers will pay a fixed monthly fee of $ 30 per month as a service. After three years in the 37th month, the fees are reduced to 18 € per month. The service fee will be added directly to the mortgage payment. In addition, a one-time installation fee of € 10 will be billed at closing.
If you work in any of the following areas, you may be considered one of our home loan champions: law enforcement officers, police officers, sheriff agents, police officers, investigators and correctional and parole officers. Immediate family members of police officers are also eligible.
With the government pension loan, the borrowers are responsible for all closing costs, in addition to the application fee. In some circumstances, closing costs may be included in home loans.
Police officers who benefit from the Champion loan do not pay closing costs! With this special loan for law enforcement personnel, all bank charges are removed.
Examples of fees that could be eliminated include: application fees, loan processing fees, mortgage fees, mortgage commitment fees and corresponding commitment points; which can save up to 2.00% at 3.00% on each home loan!
Here are some important points about our special loans for the police: