Wednesday, June 22, 2016 / by Daniel Jackson
Home Loans for Border Patrol
Many families come to Yuma because of jobs with the US Border Patrol. Let’s talk about the best ways to buy or refinance a house for Border Patrol agents and employees.
We know that many agents transfer to Yuma from other areas, and sometimes wonder how long they have to be on the job in Yuma before they can qualify to buy a house. The answer is: not long at all. In fact, if you have a job contract or offer letter that states your starting salary and official starting date, you may be able to buy a house before getting your first paycheck. Contact us directly to discuss the specifics of your situation.
There was a recent rule change from Fannie Mae that has had a positive impact on Border Patrol agents obtaining conventional financing. The change is that non-reimbursed business expenses (such as uniforms, cell phones, mileage and other things you might write off for work), no longer have to be deducted from your qualifying income. That means your ability to qualify for a house will not be impacted by taking credit for qualifying job expenses on your federal income taxes. That’s good news!
Loan Programs for Border Patrol
Here are the basics of a few loan programs that may come in handy for you:
- VA Loans. If you have ever served in the military, you may have VA eligibility. Featuring zero down and low interest rates, a VA loan is an excellent option if you are eligible. Read more on our VA Loan page.
- FHA Loans. Featuring down payments as low as 3.5%, FHA loans are an excellent option for financing up to $271,050 in Yuma county. Flexible credit standards, the ability to utilize gift funds from family members, and low fixed rates make an FHA loan an attractive option for many people. Read more on our FHA Loan page.
- Conventional Loans. If you have more money to put down, or need a loan up to $417,000, a conventional loan may be the right option for you. Conventional loans also allow you to finance a vacation home or rental property. Read more on our Conventional Loans page.
- Down Payment Assistance. If you make a good income, but haven’t been able to save a lot of money for a down payment, don’t worry. There are down payment assistance programs available. Currently, in order to qualify for down payment assistance, your combined household income must be $89,088 or less. That will be increasing soon on some programs up to $92,984. These rules frequently change, so feel free to contact us directly or check back on our Down Payment Assistance page for the latest information.
- USDA Loans. If you are buying a house on the outskirts of town, Somerton, San Luis or Wellton areas, you might consider a USDA loan. USDA loans feature low rates, low mortgage insurance fees, and zero down in qualifying areas. Keep in mind that there are household income limits. In Yuma, the income limits are currently $74,750 for families of 1-4 people, and $98,650 for 5+ person households. If you make less than that, you might want to consider a USDA loan. Find out more specifics on our USDA Loan Program page.
Border Patrol Home Financing Experts
With experience serving hundreds of Border Patrol families, Nova Home Loans is a clear choice for your home purchase or refinance. Contact the Jackson Team today to discuss your situation and get the process started!