Realfi – “Mortgages for Champions” First Time Home Buyers Deal
If your work supports the well-being of the community, RealFi has a special loan program that can make it easier for you to move into your first home.
Just about everybody wants to own a home. However, the rising value of homes can affect first time buyers disproportionately.
With this in mind, there are several programs that can help you access your first home mortgage—and some are especially for those who serve and protect the public good. One such program is RealFi – Mortgages for Champions. It’s a special initiative that features no bank closing costs.
Keep reading to learn more about the Mortgages for Champions program for first time home buyers.
Buying Your First Home in Today’s Market
The housing and mortgage market can greatly affect the ability of first time home buyers to make a purchase. This
circumstance exists for several reasons.
For example, first time home buyers have not accumulated home equity. They most likely also do not have access to investments that can insulate them from quickly rising housing costs.
Furthermore, first time home buyers don’t have a history of making mortgage payments. Also, in most cases, rental payments aren’t included in credit histories.
It’s important to know that there’s an alternative scenario where lenders will classify you as a first time homebuyer. They’ll do so when you have not held a mortgage in the last three years. Fortunately, this circumstance allows you to access first time home buying programs.
Typically, banks require a 20% down payment on a new home. For first time home buyers, however, meeting this requirement can prove challenging. What’s more, it’s unnecessary
Furthermore, a growing number of people are managing some form of credit issue. These kinds of circumstances can make it challenging to purchase your first home.
A small number of home buyers manage to purchase their first home with cash. However, this group only represents around 5% of all home sales.
Nevertheless, first time home buyers can access funding through special programs. The Mortgage for Champions program is a perfect example.
RealFi Champions Deserve Better
RealFi Funding sponsors the Mortgages for Champions program. It’s a special program for champions such as police officers, firefighters, military personnel, nurses, EMTs, teachers and other community service professionals.
With the Mortgages for Champions program, you’ll partner with a dedicated loan officer who serves as a guide in helping you purchase your first home. You’ll start the process by applying for the loan.
Next, our loan officer will walk you through the process of becoming a new homeowner. They’ll make sure that you achieve your goal of purchasing your first home.
When you apply for a loan through the Mortgages for Champions program, your loan officer will help you meet your home buying needs. They’ll assist you through the entire process. Accordingly, you can rely on them for any needed information.
More Benefits for Champions
There’s no minimum credit score required to qualify for the Mortgages for Champions program. We’ll evaluate your entire credit profile when helping you to assess your home loan. In some cases, we can even overlook credit issues if you’ve re-established credit.
Furthermore, you can still qualify for the Mortgages for Champions program if you’ve filed for bankruptcy, as long as it’s been discharged for more than two years. In some cases, you can participate in the program only one year following a bankruptcy filing.
The Mortgages for Champions program also provides other exceptions for champions. For example, you may have worked as a traveling nurse for many years.
In this case, you may not have a housing history for the purposes of applying for the loan. With the Mortgages for Champions program, however, this circumstance isn’t an issue. Resultantly, the program makes it much easier for first time buyers to secure funding for a new home.
Getting Ready to Buy Your First Home
Buying a home is a big financial decision. Accordingly, there are a few things that you’ll want to consider before starting the process.
For example, you’ll want to consider your credit. Any credit advantage that you can muster may help you to access better loan terms. Resultantly, the first thing you want to do is check your credit report.
Also, you’ll want to limit hard credit inquiries for the time being. If you’re ready to become a new homeowner, hard credit inquiries can impact your credit rating.
If possible, you’ll want to reduce your credit card debt. By doing so, you can improve your credit card score quickly.
In addition, your credit card payment history is important when buying your first home. Even one missed a payment on your credit report can affect your score. Accordingly, you’ll want to make sure there are no mistakes in your credit report.
Extra Benefits for Our RealFi Champions
The Mortgages for Champions program is RealFi Funding’s way of saying thank you to our champions. Community champions are selfless, hard-working individuals. Accordingly, it’s our pleasure to show our acknowledgment and appreciation by offering special borrowing terms for these individuals.
At RealFi, we believe that champions are the foundation of our communities. We offer the special, discounted Mortgages for Champions program for that reason.
In many cases, lender’s fees can add up to more than $1,700. With the Mortgages for Champions program, however, there are no lender’s fees.
Also, the Mortgages for Champions program enables to bypass all closing costs. With the program, there’s no application or processing fee.
There’s also no commitment or underwriting fee. Furthermore, we promise to provide you with a customized mortgage with competitive rates. Moreover, we’ll help you to move through the process quickly.
We’ve worked with community service professionals for more than 20 years. During that time, we’ve built enduring relationships with some of the biggest organizations in community service in the nation.
At RealFi Funding, we have a deep understanding of the mortgage needs of service professionals. Accordingly, we can present you with the perfect loan products for your needs.
Get Help Buying Your First Home with RealFi
Our home buyer assistance program can get you on the fast track to homeownership. We offer two programs to get you started—HomeReady and HomePossible. We sponsor the programs in partnership with Fannie Mae and Freddie Mac.
The programs are excellent for first time home buyers. By participating in our first time home buying programs, you can purchase a home with a 3% down payment. However, you’ll still have access to flexible mortgage insurance.
You’ll also participate in a first time home buying course. During the course, you’ll learn about the complete home buying process.
Furthermore, you’ll learn about qualifying for various lending programs. When you participate in our homebuyer assistance program, you can also receive 100% of the down payment as a gift.
You’ll also learn more about loan programs that are best suited for your needs. The following are a few of the loan products that we offer through the Mortgages for Champions program.
VA loans are especially for active-duty personnel, veterans and their dependents. The program assists veterans in buying a home with no money down.
With the VA loan program, there are no income restrictions. What’s more, the program may allow you to refinance your mortgage when interest rates improve.
A USDA loan is another no money down mortgage program. If you’re interested in purchasing a suburban or rural home, you may qualify for this loan product. It’s the perfect loan if you want to get away from the city.
A conventional loan has fewer fees compared to other programs. At a minimum, however, you’ll want to provide a 5% down payment. This loan product enables you to customize a loan amortization rate of 15, 20 or 30 years.
We also offer loans backed by the Federal Housing Administration. The FHA will insure the loan for lenders.
Resultantly, you can qualify for a loan to purchase your first home with less than perfect credit. You may also apply for an FHA loan if you’re just starting out in your career and have a lower income. With an FHA loan, you can purchase your first home with as little as 3.5% down.
Funding for Your First Home: You Deserve It!
Now you know more about the Mortgages for Champions program for first time home buyers. If you have a desire to purchase your first home, RealFi Funding is here to help.
We leverage technology to give you the best borrowing experience possible. We’re also experts in real estate credit strategy.
We’ve redefined the entire borrowing process. Accordingly, we have an innovative approach to lending, backed by an experienced management team. Furthermore, we’re dedicated to helping you secure your first home mortgage.
At RealFi Funding, we do more than provide mortgages—we also build lifelong relationships. Please feel free to apply for the Mortgages for Champions program today by calling (800) 601-1917 or connect with us online.