Announcement

Collapse
No announcement yet.

Home Loans

Collapse

300x250 Mobile

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Home Loans

    Brethren, I tried searching and couldn't find anything on it, but do any of you guys (or gals) know of any programs that assists law enforcement in buying homes? I'm trying to purchase my first home within the next year or so. I would really appreciate any tips or leads that would be provided.

  • #2
    Thiis is a company but the program is true and exists.

    http://www.fha-home-loans.com/office..._fha_loans.htm
    MDRDEP:

    There are no stupid questions, but there sure are a lot of inquisitive idiots.

    Comment


    • #3
      Originally posted by jcioccke View Post
      Thiis is a company but the program is true and exists.

      http://www.fha-home-loans.com/office..._fha_loans.htm
      I don't know about New York, but a cop taking advantage of that program would be buying a house in the ghetto with ghetto rat neighbors...
      Retired LASD

      Comment


      • #4
        A lots of those programs say that you have to live in the hood like retired stated and that there is a salary cap on them. Even if you qualify now but know your department has step increases you make step out the of qualifying range. what my loan officer said to do is go fha or va if you can, just have to do 3% down, or wha ever it is now. And a way to help is get write your bid for a home 3% more with the stipulation buy helps with closing costs, your agent can sell it to there's explaining what your doing. They get full asking price you get the assistance, just paying it back in your loan.
        I'd rather be judged by 12 rather carried by 6.

        It should be noted that any and all post that are made are based on my own thought and opinions.

        Comment


        • #5
          It was called the officer next door program in the past. I think they call it the good neighbor program now. The houses are usually in the ghetto and you have to live in them as your primary residence for the first three years. Years ago a co worker of mine got fired and did 6 months in jail for buying in this program and then renting the property out. You get 50% of the equity in the home after living in it for 3 years. You can then sell it and walk away. Problem is very few houses in this program nowadays.

          It is a HUD program. Look on their website.
          Last edited by SHU; 06-23-2012, 02:06 AM. Reason: k

          Comment


          • #6
            That sucks- I thought the program just gave assistance. Sorry for bad info.
            MDRDEP:

            There are no stupid questions, but there sure are a lot of inquisitive idiots.

            Comment


            • #7
              FYI it goes by zip code..occasionally (not often) there are homes in decent areas.

              Comment


              • #8
                With respect to home loans, CalPERS recently discontinued low rate mortgages for its members. However, if you take a look at http://www.bankrate.com/mortgage.aspx it will give you an index of the lowest mortgage rates for the state by lender.
                Going too far is half the pleasure of not getting anywhere

                Comment


                • #9
                  If you're part of a union/association-ask them. My union has a relitor that specializes in helping us out with those things.

                  Comment

                  What's Going On

                  Collapse

                  There are currently 9544 users online. 382 members and 9162 guests.

                  Most users ever online was 19,482 at 11:44 AM on 09-29-2011.

                  Working...
                  X