Specialty Mortgage Discounts & Program Terms
Law Enforcement – Firefighters – Teachers – Doctors – Nurses – Military Personnel
Why do Law Enforcement Officers, Firefighters, Educators, Medical Personnel, EMTs, Military and other local heroes choose Mortgages for Champions from Residential Home Funding over mortgages from any other lender?
No Bank Closing Costs
This Special Loan Program will have no typical bank closing costs such as application fees, processing fees, underwriting fees, commitment fees, origination fees, or credit report fees. Please keep in mind that there are third party fees such as an appraisal, attorney and title fees that would exist.
With this program we can offer a Fannie Mae, Freddie Mac and FHA insured loans to qualified borrowers.
Easier to Qualify
Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.
If you have less than perfect credit: You don’t have to have perfect credit to get a loan. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for a loan than a conventional loan.
What types of loans does the program offer?
Fixed Rate Loans – loans are fixed-rate mortgages (loans). In a fixed rate mortgage, your interest rate stays the same during the whole life of the loan, normally 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your monthly payment will be, and you can plan for it.
Adjustable Rate Loans – Most first-time homebuyers are a little stretched financially, so they want payments as low as possible at the beginning. With our adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan, and the principal balance may even increase.
Purchase – Rehabilitation Loans – Sometimes you might see a home you’d like to buy, but it needs a lot of work. The Champion Program has a loan for rehabilitating and repairing single-family properties called the 203(k) Rehabilitation Loan program through FHA. You can get just one mortgage loan which includes the mortgage and the cost of repairs combined. The mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. The advantage of this loan is that you can buy a home that needs a lot of work, but you still have only one mortgage payment, and you can complete the repairs after buying the home.