Are you a police officer in Colorado and looking to buy a home?
Find out more about police officer loan discounts and Colorado police officer mortgage loans. Savings are in the thousands if you use these programs on your home purchase in Colorado.
The programs that are currently available are the Homes for Heroes program, the Colorado Home Buyer Tax Credit, or MCC, and the officer next door program.
With the goal of honoring heroes in our community, we offer the Homes for Heroes program, for those who give so much to make Colorado an incredible place to live. Colorado Police Officers are one of the groups that we honor through this program.
The Homes for Heroes program will give you police officer mortgage discounts off your home loan closing costs. Using other providers in the HFH network such as Realtors will get you additional discounts. whether you are buying a home or refinancing, you can claim these discounts.
Other heroes who can qualify for this program are teachers, fire fighters, nurses, Veterans, teachers, and first responders.
The Home buyer tax credit or MCC is a program for home purchase transactions (or a refinance if you have an existing MCC on your current loan). The tax credit will save you, on average, between $125-$250 per month off your mortgage interest for the life of your loan, translating to tens of thousands of dollars in savings!
To qualify for the MCC tax credit, you must be either a first time home buyer, Veteran, OR purchase a home in a “targeted” area, and you must fall under the income limits in your county. This means that many Colorado Police Officer mortgage loans qualify for the tax credit!
We can help you to determine if you can qualify for the tax credit. The tax credit is not always available, so call us to find out eligibility.
The officer next door program, or Good Neighbor Next Door, is a program to help police officers purchase homes at a discount. You must purchase the home in a targeted area (hint: targeted areas qualify for the tax credit), and will be able to buy the home at a steep discount, at 50% of the list price.
You will have a “silent” 2nd mortgage with no payment or interest for the remainder of your home purchase loan. You must then live in the home for at least 3 years as your primary residence. After that, the silent 2nd is forgiven, leaving you with substantial equity in the home.
These three great discounts will help you save on on your mortgage loan. It is critical to work with a mortgage lender who can access all of these programs for you, and who understands the unique aspects of police officer loans Colorado. Our in-house underwriting and funding will assure an on-time closing and the best service. It doesn’t cost a penny to call and we are here to answer your questions!
Call RJ Baxter in the office at 303-670-0137 to find out more about these programs or visit us at Homes for Heroes.