I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.See all posts Frank Gogol
3 Best Programs to Help Teachers Buy Homes
If you’re a teacher on the hunt to buy a home and specifically looking for a home loan for teachers, there is great news for you. There are several programs aimed at providing teachers with assistance in purchasing a home. We’ll walk you through a few of these teacher programs for buying a home below.
Help for Teachers Who Want to Buy Homes
Teachers who want to buy homes can find assistance in many forms. There are home loans as well as personal loans available for teachers (even for teachers who aren’t U.S. citizens or permanent residents). There are a few home-buying programs available as well. Three of the best, most well-known programs are:
- Teacher Next Door Teacher Housing Grant
- Teacher Next Door HUD Good Neighbor Next Door Program
- Extra Credit Teacher Home Purchasing Program
Below, we explore these three important programs, their eligibility requirements, and more.
1) Teacher Next Door Teacher Housing Grant
The Teacher Next Door Teacher Housing Grant is a home-buying program that provides grants to teachers to purchase homes. Many teachers have saved thousands of dollars with this program.
Grants of up to $6,000 are available. The qualification criteria for this teacher home-buying program depend on the state of your residence. For example, all teachers in Delaware (grade Pre-K through 12), as well as school staff and administrators will qualify for a minimum $1,000 non-repayable grant. In addition to receiving a grant, teachers might also qualify for down payment assistance.
For more information on the qualification criteria for your specific state, visit this page.
2) Teacher Next Door HUD Good Neighbor Next Door Program
The Department of Housing and Urban Development’s (HUD) Good Neighbor Next Door Program is another teacher home-buying program offered by Teacher Next Door. This program offers a discount of 50% from the list price of a home. The purpose of this program is to incentivize teachers to purchase homes since teachers can contribute to community revitalization.
Teacher Next Door has identified certain revitalization areas. Eligible single-family homes located in one of these areas are listed exclusively for sale through this teacher home-buying program.
It is important to take note that these homes are only available for five days. The smart first step to purchasing a home through this program would be to get pre-approval on a home loan for teachers. Once pre-approved, you can contact one of the designated agents to provide you with a list of homes that become available in your area. If you are interested in buying a specific house, your choice will be submitted to the program. If more than one teacher is interested in the same house, the selection will be made by random lottery.
You can check the available listings in your area here but remember – bidding is only open for 5 days and this list changes daily.
To qualify for this home-buying program, you have to be employed as a full-time teacher at a state-accredited public or private school. This school must provide direct services to students from pre-kindergarten to 12th grade. In addition to this, this teacher home-buying program requires you to serve students in the area where the home you want to purchase is located.
Visit this page for more information or click here to get started.
3) Extra Credit Teacher Home Purchasing Program
The Extra Credit Teacher Home Purchase Program (ECTP) is a teacher home-buying program provided by the California Housing Finance Agency (CHFA). This home-buying program is aimed at providing down payment assistance for teachers, administrators, classified employees, and staff members who qualify.
The ECTP provides a deferred home loan for teachers who are eligible applicants. These loans range between $7,500 and $15,000. It is important to note that this junior loan can only be combined with an eligible CHFA first mortgage loan.
To qualify for this program, you must be a first-time homebuyer and you must be employed in a county/continuation or high-priority school in California. You’ll also need to complete a counseling course in homebuyer education.
There are certain requirements for the property you intend to purchase that must also meet. The property must, for example, be your primary residence and must be under the price limits set by the CHFA. Only certain property types are also eligible, such as single-family houses or one-unit residences.
For more information on this teacher home-buying program and its requirements, you can visit this page. Also check out our to how to apply for student loan forgiveness for teachers, which can make getting a mortgage less of a burden.
Download the Teacher Home Buying Programs Checklist
Teachers, buy your home with ease. Download our checklist for specialized home buying programs and tips!Get the Checklist