Teachers and educators are among the hardest-working individuals in the world. Pursuing a career as an educator can be rewarding, but often involves many sacrifices, including financial ones.
Fortunately, today there are many first-time homebuyer programs available for educators. Some provide down payment assistance while others offer benefits like reduced fees or lower interest rates.
Below, we’ve discussed some of the top homebuyer programs for teachers and educators.
Top 3 First-Time Homebuyer Programs for Teachers & Educators
As a teacher, you may have already looked into new homebuyer programs, but you may be unsure about which option is best for you. Below, we’ve listed the top three programs and discussed them in detail.
Good Neighbors Next Door
This first-time homebuyer program is probably one of the most valuable home loan programs offered by the U.S. Department of Housing and Urban Development (HUD). It allows teachers to save up to 50% off the list price when buying a home. However, there are some restrictions involved.
The benefits are only available for certain homes located in revitalization areas. The list of available properties is updated weekly. In addition, the homeowner needs to commit to living in the property for 36 months to receive the discount.
Participating in this program is pretty simple. First, check the HUD list for eligible homes in your state. Then, follow the instructions to submit your interest in the house of your choice. If numerous people show interest in the same property, the decision will be made based on a random lottery selection.
Teacher Next Door
The HUD offers another program called Teacher Next Door that pairs educators with state, federal, and local homebuyer programs. Teachers who qualify for this program may be able to receive a grant of up to $4,170. (This grant can even be raised to $6,000 in some areas.)
Through this first-time homebuyer program, you may also be able to receive down payment assistance of up to $10,681. Additionally, you may not have to pay any application fees. You may also be able to obtain free homebuyer representation, a free appraisal, discount title fees, free access to MLS listings, and preferred interest rates.
Teacher Next Door Fresh Start Program
If you are a teacher who is dealing with credit challenges, then you may be interested in the Teacher Next Door Fresh Start Program. This service is designed to help teachers understand their credit issues and what steps can be taken to overcome them. Many teachers can successfully raise their credit scores through this program and pursue their dreams of homeownership.
Buying a Home Is Possible for Teachers
Buying a home on a teacher’s salary can be challenging. But fortunately, there are many programs that can help. With a little bit of research and effort, many teachers can achieve their dream of buying their own home.
Contact Mortgage Solutions Financial to Learn More
Interested in learning more about first-time homebuyer programs? Get in touch with Mortgage Solutions Financial today!