If you want to own multiple properties, saving 30% to put down on the property isn’t easy. Good thing there are other options. Home Mortgages don’t have to be a burden. In fact, many mortgages are designed to make getting a home mortgage easier!
Here’s how I get some sweet mortgage terms just for being me!
You wouldn’t know it by looking at me, but I’m Native American. My mother is a mix of Polish, German, and Chippewa Indian. I can thank her for passing on her genes and her Chippewa blood line. Being Native American has it’s advantages. One of them is the Section 184 housing program, which helps Native Americans obtain home mortgages.
The Section 184 program allows Native Americans to buy 1-4 unit properties with only 3% down, regardless of income. It also slashes Private Mortgage Insurance (PMI) for these properties. For those not familiar with PMI, it is for for loans with loan-to-value (LTV) percentages in excess of 80%. For most loans, the buyer puts down more than 20% of the home’s value upon purchase. PMI is required when the buyer puts down less than 20%.
Section 184 loans only work in designated areas that are approved by the program. You can find the list of approved areas on their website. Luckily for my husband and I, all of Colorado is approved to participate. Be warned that not all banks will write Section 184 loans. But a simple Google search with show approved lenders.
As a side note, in case anyone is wondering where I got my ginger hair, my father is Scottish and English and a ginger, just like me! Fun fact, Scotland has more redheads than Ireland!
Based on Careers: Nurses
Yep, I am a nurse and still licensed in Colorado. Like police officers, firefighters, and EMTs, nurses get lumped in (rightfully!) with other life-saving professions . Theses professions are eligible for the Mortgages for Champions program. This program provides special loan terms for those who work in the medical field. The Mortgages for Champions program eliminates many out-of-pocket costs and a lot of hassle. With the Mortgages for Champions mortgage program, the following costs are eliminated, saving borrowers up to 3%: Loan Application Fee, the Loan Processing Fee, the Mortgage Underwriting Fee, and the Mortgage Commitment Fee.
Who couldn’t use an additional 3% savings on loan origination fees?
Here’s how a few of my friends could benefit:
I have a lot of friends and family who have teaching degrees. Teachers can benefit from the Teacher Next Door program. Moreover, The Teacher Next Door offers home buying grants available for teachers and other eligible public service professionals (again including nurses like me!),and also military and law enforcement.
Where can I find more information on these loans?
Do like I did and search random facts about yourself to see if there are home loans that are available for someone with your background or career. I only found the Section 184 loan by googling “Home Loans for Native Americans”. Do the same. Google loans for “Single women”, “First Time Home Buyers”, or “Loans for Pilots”. There’s something for everybody. You don’t have to settle for a regular mortgage. Go see what’s out there! In fact, there are more possibilities than you can even imagine!