If you are a teacher, there may be
specific mortgage loan programs that are specifically
for teachers and these are sometimes referred to as
teacher loans. There are loan programs that are
specifically for public employees, such as teachers. FHA
and conventional loan programs both have teacher loans
available as well as subprime lenders too for those with
Special mortgage financing, with flexible qualifying guidelines, is available for teachers.
One of the most popular names under which special mortgage financing for elementary and high school teachers is available is the "Teacher Next Door" program.
The Teacher Next Door Program offers HUD-acquired, single family homes to teachers at 50% off the purchase price. Single-family detached homes, condominiums and townhouses are all included. The teacher must purchase a home in the same school district/jurisdiction in which he/she is employed and must reside in the home as their sole residence for at least 3 years. After the 3-year period, the teacher may sell the property and keep any profits.
The federal government sets the eligibility rules. The Teacher Next Door Program is open to any state-certified classroom teacher in grades K-12, who is employed full time by a public school, private school, or federal, state, county or city educational agency (ESP, student, administrator and retired members are not eligible, as defined by HUD).
The Teacher Mortgage Program is intended to help teachers and administrators live in the communities of their choice despite high housing costs.
Many teachers' incomes may allow one to qualify for Community Reinvestment Act (CRA) money, bond issue money, or for other special programs offered by the particular state in which they reside. Contact your mortgage professional for details.
While teachers are able to get houses for up to 50% off the purchase price, there are areas that don't have very many of these types of houses available. In these areas teachers are able to get into 100% loans that offer extremely competitive rates. Your mortgage broker should be able to assist with these loans.
If you are a teacher one of the best ways to learn about teacher loan programs is to ask some teachers you work with who have used them to buy a home. They will have a lot of great experience and opinions that they can share with you about home buying and teacher loan programs. They may even be able to recommend you to a good lender that assisted them with their purchase.
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Information listed above is to be used for educational purposes only and is not guaranteed
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