Winter break is soon to be upon us, which means teachers will have time to focus on those items on their list they’ve been meaning to get done.
If one of those items happens to be buying a home, you’re in luck. There are 7 home loans that can help you out.
1. Good Neighbor Next Door
This loan was created by the U.S. Department of Housing and Urban Development. The loan was developed to be intended for civil servants such as teachers, firefighters, law enforcement, and emergency medical technicians.
The loan offers you a 50% discount on HUD-owned homes in areas with high foreclosure rates and low homeownership. These are also called “revitalization areas”.
There are a couple stipulations, such as you may not currently be a homeowner, and you have to live in the new home for three years – other wise you’ll end up paying the full cost.
2. HUD Teacher Next Door
This program helps teachers to find loans and assists with help with down payments. The program works by finding applicants local organizations that help to reduce mortgage rates, closing costs, and provide down payment rebates.
The HUD program does not have residency requirements and does not limit housing to revitalization areas.
3. Educator Mortgage Program
Supreme Lending is a bank that offers this program. You can save up to $800 in loan discounts, closing costs, and agent fees. The best part is that they provide a speedy loan turnaround plus a $400 donation to the school program of the teacher’s choice.
This program does require a minimum credit score of 620.
4. Homes for Heroes
This loan encompasses military veterans, firefighters, and teachers. What it does is discounts 25% of the Real Estate agent’s fee when buying and selling. This only works if the agent is a program affiliate.
The program also offers reduced closing and home inspection fees.
5. Community lending programs
Educators may receive a loan through the Union Assist Program at ICC Mortgage, through a partnership with the United Federation of Teachers.
This loan program offers teachers financing discounts, lower fees for processing and underwriting, as well as zero or reduced interest.
6. Local home loans for teachers
Teacher Next Door has a whole page dedicated to home loans in Florida for teachers. They also provide a list of resources that will be helpful during the home buying process.
7. Teacher specific housing
There are certain states and districts that provide housing designated for teachers.
Check with your teachers union and local school district to find out if this type of housing is an option for you.
