If you are searching for a home and have served the community in one of a number of respected professions, you may have come across the Homes for Heroes program. It is a program designed to assist current and former military members, police officers, firefighters, healthcare professionals, and teachers in buying, selling, and financing houses. A lesser benefit is that the program offers deals from many retailers and credit lenders, too.
How Does It Work?
Home for Heroes is designed to allow the heroes it serves, mortgage specialists, and real estate agents to sign up. If you join the program, you'll have the opportunity to search the database for listings, specialists, and agents. Likewise, you can send a request to the program for someone to contact you, and you will be contacted within 24 hours of your request.
The Hero Reward is the centerpiece of the program. It is intended to help members save about $4,200 on a $500,000 house. Agents agree to forgo a portion of their commissions to help heroes handle their housing transactions, and the foundation for the program also provides grants.
Signing up is simple. You can use a submission form on the program's website to provide basic information, such as your name, your contact information how you've served and whether you're a buyer, seller, or someone hoping to refinance. The program is available to people looking for properties that are located in either the United States or Canada.
Be aware that the program reserves the right to request verification for transactions. This may include providing a copy of the settlement statement for your deal.
How Long Has the Program Been Around?
The program was founded in Minnesota in 2002. It was incorporated into a non-profit foundation in 2009 under U.S. code 501(c)(3), a common configuration for many organizations of its type. As of 2018, the program has successfully worked with more than 25,000 heroes in the U.S., saving them an estimated $41 million in dealing with their transactions.
Can You Look Elsewhere?
Yes. The Homes for Heroes program does not lock you into any contracts or agreements. If you want to work with other real estate agents and mortgage specialists, you're welcome to do so.
Does This Exclude Other Programs?
Now, the program does not prevent you from using other options. If you're looking for a VA or an FHA loan, for example, you can still pursue those avenues, too.
For more information on Homes for Heroes, contact a local program.