Home Loans for State Employees
State Employee Mortgage
Home mortgage programs available to state employees.
State employees, as well as government workers at the district, county, township, municipality, or federal level, are eligible to apply for a variety of excellent home loan programs. This includes home buying programs that have easy qualification requirements, and very low down payments. There are multiple government-sponsored entities that insure loans, and government employees are eligible to apply for these types of loans.
Some examples of state employees are: public school teachers, workers in transportation, lottery, parks and recreation, the department of agriculture, public defenders, law enforcement, and numerous other types of public servants (if you work for a state government, and are not listed here, do not let that deter you from seeing what you are eligible for, these are just examples of the most common types of state employees).
The only government workers of any kind (aside from military/veterans), who are eligible for special home buying programs are teachers, firefighters, EMTs, and law enforcement officers. This includes programs through HUD/FHA which provide opportunities to buy discounted homes.
Home Loan Programs for State Employees / Public Workers
The best home loan programs for state employees largely depends on factors such as credit and personal finances. The types of loans that are available are FHA loans, conventional mortgages, USDA loans, and VA loans. VA mortgages are restricted to active duty military, veterans, and reservists, so unless you are one of these you will not qualify for a VA loan. For the majority of people who are not veterans, you will want to compare your options through conventional and FHA loans.
It is actually really easy to determine if a conventional loan or FHA loan is best for you. If you have excellent credit, and if you have a large down payment (especially 20% or more) than a conventional loan will provide you with the best terms (interest rates, monthly payment, loan fees, and no mortgage insurance required). If you have less than excellent credit (including “good” or “fair” credit), or if you want to put the lowest down payment possible, than FHA loans are likely going to be the best choice for you.
FHA mortgages only require a 3.5% down payment which can be sourced from anywhere, including down payment assistance programs and/or a gift from family or friends. FHA insured mortgages are also easier to qualify for which is why they are sought after and so well known.
Mortgage Refinancing for State Employees
Already own a home and wish to lower your payment or cash out refinance? State employees are eligible applicants for a number of excellent home refinancing options. This includes rate and term refinances (to lower rates and payments), streamline refinancing, cash out loans, and options to remove PMI.
We provide home loans for state employees in the following locations:
Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Kansas, Louisiana, Iowa, Illinois, Indiana, Maryland, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming.
Disclaimer: This website is privately owned, is NOT a government agency, and is for informational and advertising purposes only. If you would like to visit the official websites for HUD/FHA, VA, or the USDA, please visit the websites below:
- HUD/FHA: http://portal.hud.gov/hudportal/HUD?src=/buying/loans
- Veterans Administration: http://www.benefits.va.gov/homeloans/
- USDA Loans: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do