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Being a public servant doesn’t mean you’ll never be able to realize the dream of owning your own home. There are a number of special mortgage programs out there that teachers, firemen and emergency responders can qualify for — you just have to know where to look! Here are three special mortgage programs you might want to consider if you are in one of these professions.
These certificates were created by the IRS and they are available in many states. (Check with your lender to see if your state or municipality has them available.) An MCC is a program that allows you to buy a more expensive house on your current salary. If you have the certificate, the IRS lets you deduct your mortgage interest and at the same time, gives you an additional tax credit against your liabilities. The only catch is that you have to get the certificate from an approved lender before you shop for a home. (You also have to re-apply for the MCC if you refinance the home.)
This program from the Federal Housing Administration (FHA) allows teachers, firefighters and emergency responders to buy a HUD-approved home at 50 percent off the list price. Your primary loan has to be through the FHA and the Good Neighbor discount is applied as a second mortgage for the discounted amount. You also have to agree to live in the home for at least three years.
EHHAF is not a mortgage, per se, but it is a great program for teachers, firemen and police who are buying a home. The EHHAF program is privately funded and gives a gift to everyday hero homebuyers to help cover closing costs on a home purchase.
Get in touch with us today at Midland Mortgage Corporation to learn more about some of the great home buying programs available for teachers and first responders.