Attention police officers in Colorado: Are you looking to buy a home? This article outlines the police officer mortgage discounts and Colorado police officer mortgage loans.
Save thousands or tens of thousands when you purchase a home and use these three programs in Colorado. The three programs are: Homes for Heroes, the Colorado Home Buyer Tax Credit, or MCC, and the officer next door program.
Homes for Heroes
Homes for Heroes honors heroes in our community like you, police officers 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 HFH program will give you police officer mortgage discounts off you home loan closing costs.
The more HFH network providers you use, the more savings. Receive discounts from Realtors, contractors, etc. You can receive discounts when either buying or refinancing.
Colorado Home Buyer Tax Credit
Many Police Officer mortgage loans in Colorado qualify for the tax credit, or Mortgage Credit Certificate (MCC). The tax credit applies 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!
Colorado Police Officer Next Door Program
The officer next door program, or Good Neighbor Next Door, is a program to help police officers purchase homes at a discount. Only certain homes qualify, you must purchase the home in a targeted area, and will be able to buy the home at a steep discount, at 50% of the list price (hint: targeted areas qualify for the tax credit).
There will be a "silent" 2nd mortgage on your home covering the amount over your 50% first mortgage, meaning there is no payment or interest on this portion of your loan. You must then live in the home for at least 3 years as your primary residence, and after that, the silent 2nd is forgiven, which will leave you with substantial equity in the home.
These three great discounts will help you save on Colorado Police Officer mortgage loans. It is essential that you 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.
To get your questions answered, call RJ Baxter in the office at 303-670-0137 or visit us at www.cohomesandloans.com.
We will provide honest answers to your questions about Colorado police officer mortgage loans!
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