For some potential homebuyers who work in specific job positions, there are options for finding low-interest or special assistance when it comes to obtaining a mortgage loan. Not all mortgage loans are generated by traditional bankers because not all borrowers fit the same financial profile.
If you work in a profession that offers special assistance or programs for getting a mortgage loan, it is worth the effort to find out more before loan shopping using traditional means.
Some examples of professions that might offer mortgage loan discounts include:
- Firefighters
- Nurses
- Police
- Professors
- Public service careers
- State Employees
- Teachers
Not all professions will have specific programs designated for discount loans or special mortgage services, but many will be attractive to mortgage companies because of the reduced amount of risk in lending to specific career-types. One of the main factors influencing a lenders decision on a mortgage approval is stability of employment. Individuals with careers are deemed safer than other types of job holders like factory workers, private company employees, sales personnel, or other groups who may be more susceptible to job changes, unemployment, and termination.
Veterans of the Military may be eligible for VA loans that offer mortgage loans, down payments assistance, and other options for active military and honorably discharged veterans in the US.
Special Mortgage Options
Depending on your career field, you may be able to get mortgage loan discounts through a local credit union that caters to specific professions. You may also be able to find government-sponsored discounts through the variety of mortgage loan programs being offered through the VA, FHA, USDA, or conventional lenders.
You may not be aware of the benefits towards a mortgage you can obtain through your career field, professional associations, and employer unless you ask questions. If you are considering a mortgage loan, inquire with your local human resource department for information about mortgage assistance. If your employer doesn’t directly participate in loan programs, check in with the professional organizations of which you are a member before shopping for a traditional lender.
Be Credit Ready
While you may get special services or assistance with a mortgage loan because of your profession, it does not mean you will get a guaranteed loan if your credit is bad. Before applying for any loan or special assistance program, make sure your credit score meets the requirements of the chosen lender. The incentives put in place for a variety of professions can make it worth your while to buy a house and receive the discounts but you must still be eligible for the program and meet all loan requirements as dictated by the lender. Typically, a credit score of 720 or higher will grant you the best loan rates and the most options. For those with special or limited financial circumstances, an assistance program can help you find a mortgage loan you can work with based on your needs.
A good credit score, stable job history, your due diligence in researching loan programs, and a willingness to explore the many mortgage loan options available to you can help you purchase your dream home and give you the peace of mind that you have found the right mortgage loan with the right lender.
