Closing cost assistance, down payment programs and home loans for teachers are available from a variety of sources.
Trying to buy a home on a teacher’s salary can be difficult, but there are national, state, local and lender-specific programs that can provide some relief. Doing your homework — sorry, we couldn’t resist — could help you save thousands of dollars through home loans for teachers, as well as closing cost and down payment assistance.
Teacher Next Door program
The Teacher Next Door program helps teachers, administrators and educational support staff, including coaches, maintenance staff and bus drivers, find housing assistance programs and benefits. Teacher Next Door directly offers eligible home buyers grants of up to $6,000, which don’t have to be repaid. The program’s counselors can also connect you with down payment assistance of up to $10,681.
Other perks can include discounted title insurance fees, an appraisal rebate and a real estate agent rebate if you use a buyer’s or seller’s agent chosen for you by Teacher Next Door or you’re already working with an agent affiliated with the program. Read More