Class is in Session: Mortgages for Teachers
School's back in session and it's a great time to recognize all the hard work and dedication we see from teachers around the country. Not only do they spend each and every day motivating and guiding our children, teachers also spend on average $500 a year of their own money on classroom supplies. Combine that with an average salary of $56,310 for high school teachers, it can be difficult for teachers in some parts of the country to buy a home. That's where special mortgage programs for teachers can help.
Housing and Urban Development
The HUD's Neighbor Next Door program id designed to support teachers who live and work in underserved communities. The program offers up to a 50% discount on the list price of certain properties. This is a great program for Teach for America teachers who choose to stay at their assigned school after they complete the program. The program does require you to use a HUD-registered real estate broker, so be sure to keep that in mind before you get started.
Educator Mortgage Program
The Educator Mortgage Program doesn't put any restrictions on the homes you can choose and it offers a few different discount options and benefits. You'll be eligible for up to $800 in discounted closing costs and your loan will be processed faster. The organization can also make a donation of up to $200 to your school to help support the students and programs you've dedicated your life to.
Homes for heroes
Heroes aren't always the ones running into burning buildings or taking down bad guys. Sometimes they're the ones who change lives and inspire. THat's why teachers are eligible for the Homes for Heroes program, a network of real estate specialist and local business affiliates who have been helping get our everyday heroes into homes since 9/11. You can save $1,500 on average with this program when you work with a local affiliate.
Lender Discounts Through United Federation of Teachers
There are a lot of lenders out there who are committed to helping teachers get into homes. Each offers its own benefit like a reduced interest rate, lower closing costs, and other benefits. You can find many of them listed on the United Federation of Teachers site, but be sure to ask any lender you might use if there's a discount available.
These programs are a small way of recognizing the big contribution teachers make and they can be a small step for our educators toward owning a home.