Down Payment / Closing Cost Assistance Program
- First-time homebuyers purchasing a home either through the Affordable Dwelling Unit program or purchasing an existing market rate home can borrow up to 10% of the sales price or $25,000, whichever is less, at 5% interest.
- This loan is in the form of a second trust, payable over a 30-year period.
- Funding is limited and available on a first-come, first-served basis.
- Applicants must currently live and/or work in Loudoun County for a minimum of six months.
- Gross annual household incomes must fall within 30% to 70% of the Area Median Income. The current eligible income range is $42,700 to $99,650 regardless of family size.
Union Plus Mortgage Program With Financing Available Through Wells Fargo Home Mortgage:
- Union Plus Mortgage Specialists available in your local area or connect online or over the phone
- Conveniently track your loans progress from your phone, desktop or tablet
- Competitive interest rates on a wide-range of home financing options
- Low and no down payment options available
- My Mortgage GiftSM award from Wells Fargo after closing – $500 for buying a home or $300 for refinancing for use at participating retailers1
Can Federal Employees Get Loans
Federal workers, as well as many state and local government employees, have access to loans that private-sector workers simply cant access. Some of the loans available include Emergency Hardship Loans, Allotment Loans, and zero-interest Furlough Loans in cases of lost income due to federal funding problems.
Other federal loan programs, as well as financial aid packages and assistance, can be found on the USA.gov website. This is a resource well-known to government workers who are looking for information on all types of government benefits.
One primary reason these loans are available to federal employees has to do with national security. The logic is that federal workers experiencing overwhelming debt or a cash crunch may be susceptible to coercion or worse if their situation gets dire. Unscrupulous people seeking classified information or undue influence could entice a federal employee with offers of cash.
Of course, government employees can also apply for any loan thats available to the general public as long as they meet the lenders requirements. Qualifying for one of these loans is often easier for a government employee because of the security associated with a government job, as well as the ability to show detailed proof of income.
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Free Grants And Grant Scams
If you receive information stating you qualify for a “free grant,” it’s probably a scam. Get information from the Federal Trade Commission so you can better recognize and avoid grant scams. If you have been a victim of a grant scam, you can file a complaint with the FTC.
Contact your state consumer protection office if you have purchased a book or paid a fee to get grant information and are not satisfied.
Qualifications & Terms For This Special Home Loan
If you work for any of the following departments or fields, you can qualify for our special home loan programs: federal agencies, state agencies, county departments, municipality departments, Departments of Agriculture, banking and insurance, community affairs, corrections, education, environmental protection, health and senior services, human services, labor, law and public safety, military and veteran affairs, treasury, transportation, parks/forestry, Homeland Security, lottery, library, state police, the offices of emergency management, information technology, the Public Defender, and travel and tourism.
Below are some important bullet points about the special home loans programs we offer:
- First Time Home Buyer and Second Time Home Buyer Program or a 203k Streamline to add a new kitchen or more bedrooms for your growing family.
- Financing for a single family home, a two to four family unit, a condominium or a manufactured home.
- Financing for a Mixed Usage Commercial Property such as a store with apartments.
- Home Loan Programs require very little or NO down payment, competitive low rates and allows more flexible credit criteria.
- Refinance Programs also provide a rate and term refinance up to a 97.75% loan to value of the appraised value of your home.
- Refinance Programs also provide a cash-out refinance mortgage up to a 85.00% loan to value.
For more information on special home loans for government employees, please fill out the form on this page, or call us at +1 601-1917.
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Deduct The Interest On Your Mortgage During Tax Time
Did you know that you can deduct the interest you pay on your home’s mortgage? Yes, you can trim your taxable income by doing this simple step when you fill out your taxes.
Remember to deduct interest payments. This could mean you pay less to the government and get a bigger refund check. While this isn’t a perk specific to government employees, it can help you save money as a homeowner.
Government Employee Home Loans By Sbi
SBI Privilege Home Loan
Exclusively for government employees, SBI has launched the SBI Privilege Home Loan. Individuals with pensionable service who work for the central or state governments, including PSBs, PSUs of Central Government Of India and other government employees, are eligible to apply for this home loan. In other words, this is exclusively a home loan for central government employees and state government employees. The loan amount is calculated on the basis of the applicants income and repayment capacity, age, assets and liabilities, and the cost of the proposed house/flat, among other factors. Government employees can get a home loan from SBI at affordable interest rates starting at 6.95 percent per annum. Employees of the Central and State governments, as well as employees of Public Sector Banks , Central Government-owned PSUs, and others with pensionable service, are eligible for SBI Privilege Home Loan.
Features of SBI Privilege Home Loan
SBI Shaurya Home Loan
Apart from SBI Privilege Home Loan, SBI Shaurya Home Loan is also one of the two major programs launched by SBI. Central government employees and army personnel can take out a home loan with low interest rates and no difficulties using these services.
Features of SBI Shaurya Home Loan
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Do Government Employees Qualify For Housing Grants
Any government employee can access savings opportunities through government employee home loans. These programs are designed to connect government employees to all the best grants and benefits available.
What If My Spouse Is A Government Employee?
Depending on your situation, you and your spouse may be able to qualify for a government employee home loan. The first step is speaking with one of our mortgage specialists to see if you and your spouse qualify, along with what programs are available.
How Can I Qualify For The Best Grants & Discounts?
Everyones situation is different. Thats why we take a highly customized approach. The first step is speaking with one of our mortgage specialists. After taking great care to understand your unique situation and goals, we will work with you to help you get into the best position possible, so you can qualify for the maximum amount of benefits available.
How Much Money Will I Need To Put Down?
Many people dont know that there are a wide range of options when it comes to down payment assistance, or even buying a house with no money down. Depending on the best combination of benefits available, you may be able to get into a home with zero money down!
Fha Loans Might Be The Right Choice
The Federal Housing Administration oversees FHA loans. If you make a modest salary, these loans won’t gouge your savings. You can expect to pay a lower down payment and your credit score doesn’t need to be perfect.
In fact, you could make a down payment as low as 3.5%. With the standard down payment at 20%, this can help your short-term financial picture.
With FHA loans, you’ll need to choose a lender that has the approval of the FHA. In other words, the FHA isn’t the source of your loan. They just oversee the process.
You’ll need to purchase mortgage insurance to go with your loan, too. The FHA will take payments for the insurance and use those as a safeguard against a default on the loan. This does amount to another cost, but it also enables you to secure the loan.
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Salary Limitations May Limit Your Options
In some professions, the paycheck may put a government employee at a financial disadvantage. Working in food preparation or janitorial services, for instance, might make saving money hard. These government jobs may mean that you lack the resources to afford the down payment for a home.
Government jobs may pay less than jobs in the private sector. You can expect to have predictable hours, but your bank account may not grow as much.
Break Free From Financial Stress
Someone who works as hard as you do already has enough on their plate. We dont want you to worry about the future. Instead, we are here to help guide you to a better tomorrow.
In addition to improving the quality of your life and getting into the home of your dreams, we understand the importance of investing in your financial future. It all comes down to achieving greater happiness in the present while also elevating yourself into a better position that will create a long lasting impact on you and your familys lives.
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Refinance A Mortgage Through The Va
The VA also offers ways to refinance existing mortgages. With the VA Cash-Out Refinance program, you can refinance a mortgage and get cash from the equity in the home. You don’t need to have a VA loan already to do this.
Through the VA Streamlines program, you can refinance existing VA loans. The process may not require you to go through an appraisal of your home or income verification. As a result, the process is quick!
Finally, you can get help with energy efficiency changes, too. Hoping to add solar panels or upgrade your windows to be more energy efficient? The VA can provide loans to help offset these expenses, too.
What Is The Hardship Loan Program
Financial and economic hardship can hit anyone at any time. These events can be particularly stressful when you have bills and loan payments to make.
Hardship loans like the ones administered by the Federal Employee Education and Assistance Fund can help to bridge the gap when disaster strikes.
Emergency hardship loans are available to federal employees experiencing hardships related to illness and injury, a death in the immediate family, loss or major damage to their place of residence, identity theft resulting in financial loss, or being a victim of certain criminal acts of violence.
Loans of this type are confidential, charge no interest, and are usually capped at $1,500.
Proceeds from a hardship loan can be used to make rent or mortgage payments, cover medical or funeral expenses, or pay for temporary housing, utility payments, and some emergency travel expenses. These unplanned expenses can often lead to financial distress, especially if other bills go unpaid as a result. A hardship loan can often mean the difference between financial survival and disaster.
Other types of economic hardship relief include deferment of payments on student loans and loan forbearance on mortgage payments or loan modification. Suspension of payments for a short period of time can sometimes be all it takes to get back on solid financial footing.
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Another Programs For Home Loans For Government Employees
There are several private programs for Home Loans For Government Employees in California or in the US. If you are a government employee, there are several benefits that you can enjoy. The most important of these benefits is the low interest rate that you can get on your home loan.
Since you are employed by the government, you may be able to get a home loan with a low interest rate. This is because the government wants to make it easy for its employees to own their own homes. You may also be able to get a home loan with no down payment. This is a great benefit, since it can save you a lot of money.
When you are in the market for a new home, there are a lot of factors to consider. One of the most important is the mortgage. You want to make sure you get the best interest rate possible on your loan. This can be tricky, because rates vary from lender to lender.
One way to make sure you are getting a good deal is to compare private home loan programs interest rates. This will give you a good idea of what is available in the market, and it will help you find the best rate for your needs.
Public Employee Homeownership Grant Program
- This program offers a grant of a secured loan to full or part-time employees of the Loudoun County Government, Courts and Constitutional Officers, and Loudoun County Public Schools.
- Loans are forgivable at 20% of the loan amount annually over a five-year period providing the employee does not leave employment, sell the home, or no longer occupies the residence.
- The grant amount is $10,000 for the purchase of a home located within Loudoun County.
- Funding is limited and available on a first-come, first-served basis. Gross annual household incomes must fall within 30% to 70% of the Area Median Income. The current eligible income range is $42,700 to $99,650 regardless of family size.
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Home Loan For Government Employees
The Bajaj Finserv Limited Home Loan For Government Employees is an instrument that is designed to complement your funding needs. It offers a high-value sanction that enables you to easily purchase or build the home of your dreams, or even renovate an existing one without compromises.
The loan comes with a flexible tenor of up to 30 years and has an attractive rate of interest. Combined, these two features help you keep costs in check with ease. You also get access to the home loan EMI calculator, which is a free-to-use online tool that helps you plan your loan better. Use it when comparing loan offers and when identifying loan terms that best suit your finances.
Looking For More Homebuying Information
Take a moment to browse through our wealth ofhomebuying information. Youll find everything you need, from mortgage calculators, to home hunting worksheets.
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- Financial Information and Calculators: Mortgage information, home buying calculators and government programs for buyers.
- Seniors Housing: Specific details on housing and financial information for people aged 55 and over.
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- Mortgage Loan Insurance for Consumers: Details on costs, qualification requirements, product options, CMHC Green Home and more.
- Accessible and Adaptable Housing: Get more information about housing enabling people of all ages and abilities to stay in their community as long as possible.
CMHC providesmortgage loan insurance. This lets you buy a home with a minimum down payment starting at 5% with interest rates comparable to those with a 20% down payment. Ask your mortgage professional about CMHC.
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Eah Programs Incentivize Living Near Work
EAH programs allow workplaces to help their employees afford housing near the workplace. This assistance can come in the form of down payments, grants, or loans. These programs may also include a homeownership education requirement.
Homeownership may not seem possible for government employees living in areas with a high cost of living. EAH programs can offer interest-free loans. These may make the difference between an employee setting down roots or looking elsewhere.
Usda Loans Aren’t Just For Farmers
The U.S. Department of Agriculture coordinates loans, as well. USDA loans are for those in the low to moderate-income bracket. You’ll want to check the income limits in your area since the USDA adjusts them by region.
With USDA loans, you’ll need to live in a designated suburban or rural area. The USDA website will help you see if you’re in a qualifying area. The USDA backs these loans, but you’ll seek them out through a private lender.
You’ll need to demonstrate the ability to repay loans based on your history over the past year. You should have a reliable income and meet debt-to-income requirements for your lender.
You may be able to take advantage of a 0% down option through these loans. And you’ll have a low-interest rate for your mortgage!
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Ask Your Local Government About Options Near You
To find an EAH program, start by talking with your local government. EAH programs can happen at the county, city, or town level. Because they vary by location, the requirements for eligibility will vary, too.
EAH programs may provide home loans for federal employees. In some towns, the requirements to qualify for an EAH program could be even tighter.
For instance, a program may apply only to teachers or police officers. This may be because a city is trying to lure more people in this profession to their area.