what is the community heroes loan program?
You serve our communities. Let us help serve you!
Community Heroes is a low-down-payment conventional loan program tailored specifically for, well, community heroes. This includes:
- Police officers
- School district employees
- Law enforcement employees
what are the benefits of a community heroes loan?
The biggest benefit of the Community Heroes loan program is the 1% down payment requirement. Consider this a “thank you” for all you do in your line of work. With just 1% down, you can purchase the home of your dreams!
Most other conventional loans require a down payment anywhere between 3% and 20%. So, having a conventional option with an even lower down payment is a huge perk. Conventional loans are often a great choice for homebuyers because mortgage insurance generally costs less than it does with government loans, and it may be cancelled once you reach about 20% equity (meaning between your down payment and your monthly payments, you’ve paid 20% of the original purchase price of your home).
Lower mortgage insurance costs = lower monthly payments. To be able to get a conventional loan with such a low down payment is a huge win – and it’s exclusive to the local heroes that serve our communities!