My situation is unusual. I remember there use to be a program years ago for teachers that would forgive 1/2
the mortgage if one stayed in the home about 5-7 years. I don't know what the story is now. We would want to make the home a permanent place for us.
If I am offered a teaching job 100 miles away in one area of SC but family and I have lived in the Midlands for years and want to stay here, will a teacher's program work for me?
I'd have to rent a place during the week in the teaching area and come home weekends, holidays, and summers. The area to teach is so far out there that there is nothing around for 35-60 miles for me and my family to enjoy together. There are no shopping nor malls nor close grocery stores and is a very high poverty area needing teachers like me.
I turned them down last year and wished I had said yes. They really want me for my experience and expertise with bonus pay to sign on for the 1st year and the 2nd year another bonus pay.
Any and all advice would be appreciated.
Dee,
There are special programs from time to time that will give teachers/law enforecement a break on the interest rate and/or the downpayment requirement. Check with a reputable lender to see the amount you qualify for and ask about special programs. Check with a few places, because they may offer different programs.
You didn't say where you might be heading, but there is also a USDA rural housing loan that may be available to you, depending on which county you decide to buy in. This loan is 100% financing...that's right, NO downpayment. It also does not require PMI which could save you $60-120 per month.
As David said...educate yourself on everything out there by talking with different lenders.
Good luck!
Page Latham, Realtor
Dee:
My mother is a teacher. She has embedded in me the following approach.
You should EDUCATE yourself about any endeavor before making a final decision.
Will a Teacher's Program work for you? I would refer you to a great lender that can
answer that specific question. I would send you to Eugenia Bambas with Palmetto South Mortgage.
She can be reached at 803-447-1224.
If you need any help with the purchase of your home, please feel free to give me a call.
I wish you much success in all of your endeavors.
Sincerely,
David A. Patterson, Associate Broker
brokerdave@DavidPatterson.net
Keller Williams Realty
4400 Saint Andrews Road
Columbia, SC 29210
(803) 217-0948
Listen ONLINE to The David Patterson Show
Sundays -- 1:04 PM EDT -- http://budurl.com/dpshowonline
http://www.ThePattersonFiles.info/
http://www.DavidPatterson.net/
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