In this article, I’ll discuss special mortgage programs that assist teachers with purchasing a new home. Teachers are a hardworking group of professionals who spend their time raising the next generation. Though you might be taking care of your kids at home, teachers spend anywhere between 40 and 80 hours a week teaching our kids everything that they need to know to succeed. The sad truth? Teachers also notoriously don’t make much.
That is why we wanted to discuss some of the special mortgage programs available that can help teachers get the home of their dreams. This is a great way to make those big next steps on a teacher’s budget.
Down Payment Assistance
Down payment assistance (DPA) is available & can be offered to eligible prospective homebuyers in many ways with many different programs across the US. Some home buyer assistance programs will also have incentives that offer additional down payment assistance for eligible K-12 teachers as well as other public service professionals. In many cases, these extra incentives can be the difference for a Teacher becoming a home owner or continuing to rent. There are different bond programs that allow the down payment assistance to be deferred, forgiven & paid back in full, there are pros & cons to each one of these options.
The down payment assistance programs designed to help Teachers reach homeownership are some of the best offered & available today. There are DPA programs that offer up to 7% of the purchase price, so considering conventional financing can be offered to a prospective home buyer with just 3% down…homeownership for Teachers has never been more attainable than now!
Home Ownership Advantage Initiative
The Home Ownership Advantage (HOA) initiative has been specially created to help Teachers & other public service professionals purchase their home. The fact is that teacher salaries can vary by quite a bit depending on where a teacher works & desires to live, because of this homeownership can seem out of reach. With this in mind, the Home Ownership Advantage initiative brings local business professionals together to offer incentives to community heroes like Teachers. This initiative was created to provide teachers from all backgrounds and at all income levels with the ability to purchase a home. There is great value with this initiative including down payment assistance for those who qualify, closing cost assistance provided by the participating HOA initiative Realtor partners, possible discounted title & escrow services, Home insurance discounts to those who qualify & discounted home inspection fees. The end goal of this program is to not only to assist teachers with their home purchase & to save them thousands of dollars in the process…but to also to bring the community together to help support them each & every day.
Good Neighbor Next Door
Good Neighbor Next Door is a program that is designed to offer support for those who really advance society and keep us all safe. Law enforcement professionals, firefighters, and teachers are all qualified to work through this program to ensure that getting into a home is possible. What makes this program amazing is that it actually offers 50% off the overall cost of the home. However, there are certain stipulations that come with this agreement. Specifically, you must commit to living in the home for a minimum of 36 months. Of course, staying in a home for three years after buying it only makes sense!
USDA loans are not only available to teachers, but they work great for teachers. With this kind of loan, you can get into the home of your dreams without a large down payment. Many teachers struggle to build up their savings at a fast rate, leaving them spending wasted years renting to make the down payment. With USDA loan programs, you can jump right into your new home, even if your credit isn’t great. The only catch here is that these loans are only available in certain areas, so you will want to check the area where you live before considering them.
Even though teachers are one of the most important groups in the country, they don’t get all the perks that they deserve. If you are a teacher looking to buy a home at a reasonable price, rest assured that you do have options. There is a wide range of programs available to help you get your home so you can stop blowing money on rent and start investing in your very own home! Yes, you can do it!