Big Savings Ahoy! 4 Home Loan Programs for Teachers

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Teachers give so much to their communities through both their professional and personal time. They also give a lot of their own money to help students in need. On average, a teacher in the United States spends about $700 a year on basic supplies.

With school loans, professional certification fees, and a low salary, financing a home can be difficult for teachers.

Are you a teacher in California looking for ways to finance a home? Read our short guide to home loans for teachers and start planning for your home purchase now.

Home Buying Loans for Teachers Looking for Downpayment Assistance

One of the most challenging parts of buying a home is coming up with a downpayment. Lenders and government agencies recognize the hardship a downpayment and additional closing fees can cause for public servants.

Teacher Next Door Program

It’s part of a federal initiative called “Good Neighbor Next Door Sales Program.” It is offered by Housing and Urban Development (HUD) programs for homebuyers. Here are some basic requirements and benefits:

  • Certified k-12 teacher employed ft at accredited school
  • Receive up to 50 percent off eligible HUD certified homes
  • Promise to live in home minimum of three years
  • All 3 years must be your primary resident

You may combine this program with other lending programs that reduce the downpayment amount.

Certified HUD homes are listed in revitalization areas. Visit this site for information on where qualifying homes are located.

Homes For Heroes

Funded by a non-profit company that networks with mortgage and real estate professionals to provide home buying assistance with reduced fees. Here are some facts:

  • Pre-k teachers – post-secondary instructors are eligible
  • Education administrative staff are eligible
  • Save 0.7 percent of home purchase price

There are additional reduced fees such as title costs, home inspections, and lender fees.

Best Home Loans for Teachers Who Are First Time Buyers

If you’re interested in purchasing a home in CA, check this out for assistance from lending specialists experienced in financing programs offered by the state of California for first-time homebuyers.

California Housing Finance Agency (CALHFA)

Here are a few highlights from CALHFA programs:

  • Minimum credit score of 660
  • Debt to income ratio no more than 45 percent
  • Income limits for specific home locations
  • Attend homebuying counseling course
  • Max home price $765,000
  • Max lot size of five acres
  • Land trust or leasehold is not eligible

A lending specialist can offer help with locating eligible properties and explaining the many types of home loans for school teachers offered by CALHFA.

Are There Home Loans for Teachers With Bad Credit?

There are home loans for teachers with poor credit due to lack of credit history, high debt-to-income ratios, or outstanding debts.

Fresh Start Program

This credit building and recovery service is offered by the Teacher Next Door program.

There are also specific lending companies that offer their own fresh start mortgage packages.

Contact a Lender Specializing in Home Loans for Teachers

There are home loans for teachers in every state that offer downpayment assistance and reduced fees to qualifying educators. Some of the best home loans for teachers can be found by talking to an experienced lender in your area.

We hope you found this article on home buying loans for teachers helpful. Continue to discover more tips on financial management by visiting our additional blog articles.

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