Police Homes- Real Estate Deals for Law Enforcement, Police, First Responders and Veterans

Welcome to Police Homes

3 Amazing Reasons to use PoliceHomes for your real estate and home loan needs.

(Take 5 minutes to read this and it will save you thousands of $$’s)

  1.  Seller Incentive program, we will sell your home for 4% total
    commission, a savings of 1-2% of your homes value

  2. Buyer Incentive program, cash back commission program to pay your loan
    closing costs (up $2500 value)

  3. For all home loans, we will pay the processing fee and origination fee
    so you don’t have too and give you the lowest interest rate available on the
    day we lock your loan guaranteed. (we do refinances, first time homebuyer
    loans, all types of purchase mortgages, VA, FHA, and Conventional)

First let me introduce myself and what we do:

My name is Brook Johnson, and I am the co- founder of PoliceHomes.com. I am a licensed California Real Estate Broker (Lic #01421164), License CPA (Lic# 88469) and afull-time police officer for the City of Los Angeles.
My goal when I started PoliceHomes.com was to help my fellow law enforcement
officers save money on their real estate transactions. So this is what I did.
You may not know, but in a typical real estate transaction you are paying up to
10% in of the purchase price in commissions and fees. So for a $400,000 home
price that would be about $40,000.  Do you have $40,000 to give away,
I know that I don’t. So to help out fellow law enforcement I created
PoliceHomes.com program. We will represent you when buying or selling  your
property, and help you get a mortgage to purchase a home or to refinance, and we
do all of this and save you money. We are fully licensed as a real estate
broker, mortgage broker, and NMLS loan originator (BRE #01421164, NMLS #879752).
I have a team of agents and loan originators that work together to ensure that
your experience is the best it can be. Please continue to read below to learn
more about exactly how we will save you money on your next real estate
transaction. Or call or email us today at 626-594-5567 or
homesforcops@gmail.com

Home Buyer Incentive program

PoliceHomes.com is offering a cash back incentive program for any Law Enforcement, Fire, or Military (active duty, retired, or veteran) personnel when you buy a home using one of our real estate agents. This is a special program offered to the great men and women and their families because we appreciate what you do for us.
PoliceHomes.com is owned and operated by a current Police Officer and veteran. He created this real estate firm to provide top notch service to all our public servants and military to help them through the home buying process and give them a cash back incentive.
This cash back incentive program usually amounts to
$2500 to pay for your loan closing costs
when you use PoliceHomes.com to help you get a home mortgage also.
NO other real estate agent will do that for you!
(go ahead and ask them)

Home Seller’s Incentive program

If you are thinking of selling your home, we offer discounted listing
services anywhere from 3.5% to 4% of the purchase price. Compare that with other
agents that charge 5-6% and we will save you thousands of dollars. For example,
if you are selling a $400,000 home you can expect to pay $20,000 to $24,000 in
commission just to the real estate agent. If you use one of our PoliceHomes.com
real estate agents, 
we will save you almost
$10,000
, that’s money right back in your pocket. We will provide
full service listing services, arrange escrow, find qualified buyers to ensure
your home get sold without all the headaches of not know if the buyer’s qualify.
Call 626-594-5567 or  

homesforcops@gmail.com
  today!

Loan Programs

We do it all, FHA, VA, Conventional, purchase mortgages,
refinances, FHA Streamlines, and VA IRRL refinances.

The best thing, we will pay your processing fees (usually
about $650) and you don’t pay origination fees, saving you 1.75 to 2.5%. So for
a $417,000 loan that is a 
savings of $8,000 to
$12,000
. That’s a lot of money that you would typically pay to
get a loan. And I guarantee that you will get the best interest rate available
on the day we lock your loan. We have access to the largest wholesale mortgage
lenders in the nation and will get the best interest rate available for your
loan situation. If you’d like to get a quote on a loan or prequalify to see how
much you can afford, call or email us
Call 626-594-5567 or 

homesforcops@gmail.com

How much money  will we save you?

Home Buyers. We will save you typically 2-3% on a home purchase. We will pay you cash for the loan closing
costs (including underwriting, processing fees) which is usually about $2500. We
will also have your origination fee paid for, usually 1.75 to 2.5%. This means
for a $417,000 home purchase price a savings of about $10,000 to $13,000. That
is money that you would have paid if you use someone else.
Getting the picture? Not only do you get cash towards your closing costs, but as an added incentive we
will get your origination fee paid for. We do this simply because we feel that the men and women who serve us in Law Enforcement, Emergency Services and the Military deserve this kind of incentive when buying a home.
(remember the actual amount will be based on the final sales price, call or email for a specific home)

Home Sellers. If you are thinking about selling your home PoliceHomes.com will provide full service listing
services, seller representation, MLS listing, nationwide exposure, contract
negotiation, and find qualified buyers at a fraction of what other agent’s will.
We typically charge 3.5 to 4% for listing services. Others charge 5-6% for the
exact same service. We have access to literally thousands of prospective
homebuyer’s throughout the nation. We will save you thousands, which is money
right back in your pocket.

Mortgage Clients. For our mortgage clients, the origination fee gets paid for you, the processing fee gets paid for you. This will save you approximately 1-2% of the loan amount as compared to retail banks and other mortgage brokers. (All you pay is underwriting fee, appraisal fee, and escrow fees.) We deal with the largest wholesale mortgage lenders in California so you are guaranteed to get the lowest interest rate available for your situation on the day you lock your loan interest rate.

 

Contact Us Anytime

No closing costs for police officers, firefighters, and veterans

Here is the deal. Everyone charges you underwriting fees (usually about $900-$1000), they charge you processing fees (about $600-800), and they charge origination fees…not me. I don’t charge you those fees for any loan, not for refinances not for mortgages when you buy a home. Period. I can either get those fees waived in the beginning or I will give you a credit at closing to cover those costs so you don’t have to pay them out of pocket.

You will still have to pay escrow fees, appraisal fee, and title fees, sorry can’t help you with those fees. Those are all 3rd party vendors that are unfortunately required for every loan. But, look I am already saving you about 1.5% of your loan amount by not charging you the underwriting, processing and origination fees. So give me a call if you are thinking of buying or refinancing a home.

homesforcops@gmail.com

Phone: 626-594-5567

FHA vs 3% Down Conventional Loan

I get this question all the time.

“I only have about 3% to 3.5% of the purchase price to put down on a down payment, which loan should I get?”

Great question. And in my opinion as of today an easy answer. Assuming you have decent credit about 720 or better, than you will want to get the conventional loan. As of today, March 2016, you have to pay the FHA an upfront Mortgage Insurance premium of 1.75% of the loan amount, so for a $417,000 loan, that is over $7,000. Then you have to pay an additional almost $300 a month in monthly mortgage insurance on top of the regular loan payment, and with FHA the mortgage insurance premium will never go away, so that will cost you an additional $113,000 over the life of the loan.

For the 3% down conventional, even though the interest rate is higher, the mortgage insurance premium is lower, so your total payment is actually lower by about $10, and you don’t have to pay them an additional $7,000 up front. That is a huge savings.  With this loan the Mortgage insurance will come off in approximately 7 years, so that will lower  your payment even more.

There is a 3rd option, its called Lender Paid Mortgage Insurance. This is basically, you get a higher interest rate but pay no mortgage insurance for the life of the loan. And, if you have decent credit, your payment is actually lower by about $80 a month for a $417,000 loan amount, so that will save you $28,800 over 30 years and you will never have to refinance. As an added bonus, the interest you pay on your home mortgage is tax deductible, whereas the monthly mortgage insurance premium  is not, so once again you actually get to deduct more on your taxes by getting a mortgage with lender paid mortgage insurance.

Check out this chart to compare: it is for a $417,000 loan using interest rates as of March 20, 2016

Loan Type FHA 3.5% Conventional 3% w/ Conventional 3% LPMI
PMI
Purchase price $432,124 $429,897 $429,897
Total Down Payment $15,124 $12,897 $12,897
Loan Amount $417,000 $417,000 $417,000
Interest Rate 3.375% 3.875% 4.375%
Estimate Closing costs $4,321 $4,299 $4,299
Upfront MI-financed $7,298 $0 $0
Payment $2,169 $2,152 $2,082
Principal & Interest $1,876 $1,961 $2,082
Mortgage Insurance $293 $191 $0
Lost money $112,778 $16,044 $0

 

Officer next door program

Everyone always asks about the Officer next door program. Does it exist? yes. Is it easy to get one of these homes? Not really. It is very competitive because there are relatively few homes available and there are lots of people that want to buy them. Several years ago, HUD expanded the program to not only police officers, but also Firefighters, teachers, and EMT’s. So you are competing with lots of people to get the homes, and the homes usually are not in very good areas. But, nevertheless, sometimes they come available and if you want to try and get one we are more than willing to help. First, read about the program here, direct from the HUD website.

“About Good Neighbor Next Door

Law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.

How the Program Works

Eligible Single Family homes located in revitalization areas are listed exclusively for sale through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for seven days.

How to Participate in Good Neighbor Next Door

Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits an offer on a single home a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD’s regulations for the program.

HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this “silent second” provided that you fulfill the three-year occupancy requirement.The number of properties available is limited and the list of available properties changes weekly.”

Here is the website to see what homes are available in your area

http://www.hudhomestore.com/Home/Index.aspx