Communities are built by the people who live in them. And strong communities need good schools with dedicated teachers. That’s probably why there are so many programs aimed at helping teachers get into a home of their own with as little upfront costs as possible and affordable mortgages.
Here’s a guide to some of the most popular home buying grants for teachers and other programs that help them own their own home.
Good Neighbor Next Door
This is a program run by Housing and Urban Development (HUD). It’s aimed at helping first responders like police officers and other law enforcement agents, fire fighters, and EMTs.
It’s also for other civil servants like teachers. This includes pre-kindergarten through 12th-grade instructors. The program offers 50% discounts of HUD-foreclosed homes. But the program does ask something in exchange for the big discount.
Homebuyers must commit to living in the property for at least 36 months as their sole residence. HUD’s website says the homes are located in revitalization areas. These are HUD-designated geographic areas HUD is hoping will be rejuvenated through expanded home ownership.
The requirements for teachers are fairly simple. Teachers can participate in the Good Neighbor Next Door program if they are employed full-time as an educator by a state-accredited public or private school.
The school must provide direct services to students through the 12th grade. Finally, the school must serve students from the area where the home you intend to buy is located.
Teacher Next Door
This program is also a HUD initiative. It was created to help more teachers buy homes. It also aims to help and support community development and create more affordable housing. It helps applicants with loan programs specifically for teachers.
It can often help connect teachers with organizations that may be able to help them reduce their mortgage rates and closing costs. The program can also be a great source when it comes to down payment rebates.
This program also differs from HUD’s other house-buying program, the Good Neighbor Next Door. Unlike that program, the Teacher Next Door program does not require that you buy in a revitalization area.
There’s also another bonus. You don’t have to commit to living in the property you purchase for 36 months. In fact, the program does not have any residency requirements.
The program also has grants of up to $6,000 dollars for teachers looking to buy a home. What’s more, Teacher Next Door also gives homebuyers access to other grants topping $10,000 for down payment assistance.
Other State Programs
You should also check to see if your state has homebuyer programs for teachers. California, for example, has the School Teacher and Employee Assistance Program. This is a program is for education workers, including teachers, administrators, school district employees, and some staff members in California. People applying for this program must be first-time homebuyers.
It also has the Extra Credit Teacher Home Purchase Program (ECTP). This program gives loans based on where the potential purchase property is located. It requires that applicants not have owned a home before. They must also reside in California and have worked in the same school for at least three years.
California isn’t alone in having its own home buying programs specifically geared for educators. Colorado its own Housing and Financing Authority loan program. It offers help with down payments. And the program also makes mortgage rates more affordable for teachers, while helping homebuyers with their closing costs.
Texas has the Teacher Home Loans Program. This program provides 30-year fixed interest rate mortgage loans at competitive rates. It also helps with down payments. Often times, they are only 3% to 5% of the total mortgage amount.
The program gives applicants access to a grant process. And once a grant is given, it does not have to be repaid. It also does not require that applicants be first-time homebuyers.
How To Access More Home Buying Programs for Teachers
As you can see there are more than a few local, state, and federal programs to help teachers get into and own a home. The trick is finding the best home buying grants for teachers or a program that fits your needs.
But that’s not easy, just due to the sheer number of mortgage and grant programs that are available. It’s always a good idea to connect with an experienced local realtor for your financing advice.
A Clever Partner Agent can help you find out more about the programs listed above. A professional agent can also steer you to more sources, including the Home Buyer Rebate Program. He or she can also help you through the process of navigating the paperwork and answer any financing questions you may have.