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Home Loans for Teachers – Mortgage Programs for Teachers

Teacher Mortgage Programs

Home buying opportunities and refinance programs for teachers.

Are you a teacher looking to purchase a home?  On this page you can learn about what mortgage options may be available to you.  This includes information on the different types of mortgages, down payment assistance programs, and the HUD Good Neighbor Next Door (GNND) program.

Please understand that there is no such thing as special mortgage programs for teachers (the only exception being the HUD GNND program, which offers an opportunity to purchase a HUD home at a 50% discount).  The information provided on this page is intended to help you understand what options may exist for you.

Types of Mortgages

Below is some basic information on the different types of mortgages.

  • Conventional Loans –  Conventional loans offer the best loan terms to borrowers with good or excellent credit, as well as those who can afford to place a larger down payment.  If you are able to put 20% or more down, you will be able to avoid paying private mortgage insurance (PMI).  However, conventional loans also offer low down payment options, such as programs that only require 3% down.
  • FHA Loans – FHA loans are a good option for borrowers who may not be able to qualify for a conventional loan.  The qualification requirements for FHA loans are much more lenient than conventional loans.  This includes options for home buyers with credit scores as low as 500 (however, in order to qualify for a 3.5% down payment, you must have a credit score of at least 580).
  • USDA Loans – USDA loans provide home buyers the opportunity to purchase a rural home without any down payment.  These loans are only available to purchase a home in rural areas (which includes areas just outside of major cities).  In addition to not requiring any money down, you can also finance the closing costs into the loan.  This means you can essentially buy a home with no money out of pocket!
  • VA Loans – If you or your spouse have served in the military you may be eligible for a VA loan which allows you to buy a home without any down payment.  These loans are not available to the general public, but exclusively to military/veterans.
  • Jumbo Loans – Any loan that does not meet the conforming or FHA loan limits is a jumbo loan.  If you want to buy a more expensive home, and have the income to qualify, we provide what are known as jumbo loans up to $2,000,000.

Click here to get pre-approved for a mortgage 

Good Neighbor Next Door (GNND) Program

Teachers are eligible participants in the HUD good neighbor next door program.  The GNND program offers an opportunity to purchase a home at a substantial discount (50% of the listed sales price).  In order to qualify for the program, you must meet all of the following requirements.

Program Benefits

  • Buy a HUD home for 50% of the listed price.
  • Use any type of mortgage you want (such as conventional or FHA).
  • If you use an FHA loan, you are only required to make a $100 down payment.

Program Requirements

  • Be a teacher, firefighter, police officer, or emergency medical technician.
  • The property must be an eligible HUD home, and located in a revitilization area.
  • You can only purchase a single family home.
  • Occupy the home as your primary residence.
  • Reside in the home for at least 3 years.
  • You must use a real estate agent.

To learn more about this program, visit the HUD website.

Down Payment Assistance for Teachers

If you are a first time home buyer, you may be eligible to receive down payment assistance.  What down payment assistance programs may be available to you largely depends on your location.  Most of these programs are offered in specific locations, such as within a city, county, or throughout an entire state.  We can assist you in determining what down payment assistance programs may be available to you depending on the location you want to purchase a home in.

In addition to locally offered down payment assistance programs, which are available to people of any profession, there are also some down payment assistance programs that are specifically offered to teachers.  You can learn about a few of these programs below.

DPA for teachers in Arizona

DPA for teachers in California

DPA for teachers in Nevada

DPA for teachers in Ohio

DPA for teachers in Texas

If you do not see your state listed below, it does not necessarily mean that there is not a program offered in your location.  We would be happy to help you determine your eligibility for down payment assistance.  Please feel free to contact us for a free consultation.

 

 

 

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