This afternoon during an open house I was hosting in St. Charles, a young woman, Brandi, mentioned that her boyfriend was a firefighter in Bensenville and that he had attended a program about special mortgages for firefighters. She asked if I could get her some information on them.
I checked with my mortgage expert, Michael Polera, who informed me that there are federal mortgage programs for not only firefighters, but police, teachers and health care workers. Such programs allow these professionals to buy homes with lower down payments and more relaxed credit standards than conventional mortgages. The federal programs don’t require a home purchase in the community served. Individual communities may also offer such programs which could have such restrictions.
Currently, FHA mortgages provide the same kind of financing so these programs aren’t being used that much. However, these loan programs are an option when the home of choice is not FHA approved which is the case for many condos.
For more information on these programs and FHA mortgages contact me.
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