Homebuying Programs for Teachers? (RE agent, agents, mortgage, mortgages)
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Yes, this is best a question for mortgage brokers. Depending on where you are looking to buy, in CA you could potentially qualify for CHDAP or USDA loans which allow you to purchase with no money down. But the specifics are best answered by a mortgage broker.
I think you are thinking of the GNND, Good Neighbor Next Door program, which is for fire fighters, teachers, and police officers. This is a HUD program wherein you purchase a HUD home that is within a specific census tract. HUD will write down 50% of your principal over 3 or 5 years (can't remember which), and you have to live in the house at least three years.
They really do think so and expect special stuff and they don't even have to be a good teacher to expect it. Sorry, Iv' had kids in our schools, mostly I'm not impressed. Good teachers are very rare.
The best Home buying program for Teachers I have heard about is called Homeowner101.
It is a very involved program but I will try to provide a brief synopsis.
Teachers that want to buy a home should live within their means.
that means the Debt they carry should be a reasonably low percentage of their total income.
For Teachers I think the program recommends you not have total debt payments in excess of 40% of your gross Teachers Income.
Gross Teachers Income is calculated after the deduction of your Teachers Union Dues.
Another requirement for Teachers wanting to buy a home is to have saved up a down payment.
The recommended Down payment for teachers is 20%. But some Teachers may qualify for a smaller down payment.
Another thing that is often required by lenders is that Teachers are expected to be able to show 4 to 6 months of reserve money in the bank after purchasing their home. For some inexplicable reason the bank will generally not count your teachers Union pension as part of your reserves.
Teachers with more time on the job and with a stable teaching history will find it easier to get one of these Teachers Real-estate loans.
Teachers with any defaulted loans or late payments in the last 7 years of teaching may not qualify for this program.
They really do think so and expect special stuff and they don't even have to be a good teacher to expect it. Sorry, Iv' had kids in our schools, mostly I'm not impressed. Good teachers are very rare.
How would this nonsense sound if you replaced it with "Real Estate Agents" ?
Ive had some horrific dealings with RE agents in three states, but still would not broadbrush the entire industry based on that. If you want to see the problem with teachers, look in the mirror. Teachers are held to a standard no other profession would accept as status quo. If most parents had to spend as much time with their own kids as their teachers do, they would jump off a bridge.
How would this nonsense sound if you replaced it with "Real Estate Agents" ?
Ive had some horrific dealings with RE agents in three states, but still would not broadbrush the entire industry based on that. If you want to see the problem with teachers, look in the mirror. Teachers are held to a standard no other profession would accept as status quo. If most parents had to spend as much time with their own kids as their teachers do, they would jump off a bridge.
I stay off the education forum for a reason.
I would agree with you that most real estate agents aren't very good. The difference is we don't look around for special stuff for real estate agents, because there isn't any, we know that and we don't expect it. After getting all of the benefits teachers get they still look for special teacher stuff everywhere and there are those that praise teachers simply for being teachers. That would be like praising all realtors just for having the license. For the few great teachers I have known I raise my hat to them, but I wish teachers would quit asking for and receiving special stuff, because most of them are not special.
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