Good answers below. The Good Neighbor Next Door is the best program I know of that includes teachers; but those homes are few and far between and you wind up in a 'lottery' system with many other teachers, firemen, police and emergency workers who would want that rare home. There was at one time more of these homes available until after hurricane Katrina when they diverted most of the homes to that cause. The program has never been the same since.
There are of course many other down payment assistance programs that are more viable for 1st time home buyers and others. Contact me for the lenders who are proficient with and certified to work with you on those programs. Best of success to you.
Your Castle Realestate
Best of luck
Summit Mortgage Denver
I have a couple of lenders I would like to refer to you to talk about different loan programs. What type of home are you looking for? I also know a few home builders that offer special discounts as a way to thank you for your service. I would love to talk to you about the process of purchasing a home! Feel free to call or text me at 303-994-7989
Have a great day!
There is a great program from HUD called the Good Neighbor Next Door (GNND). It is not the easiest process in that only a couple homes are available every week, but it provides a 50% discount on the purchase price. The discount is in the form of a 2nd loan that is silent - no payments and no interest. The second loan is forgiven month by month over 36 months.
I do a lot of the GNND financing - about 2 or 3 every month. A lot of the properties require or need elective upgrades and these can be financed with the FHA 203k loan - which we also do a lot of. If you want to connect
Outside of the GNND program, there is a lot of programs for first time home buyers and down payment assistance. The easiest way to get started is to call us and spend about 15 - 20 minutes letting us know your income, assets, credit history, etc. We then will provide some options based on your qualifications and comfortable payment range.
p.s. Thanks for being a teacher - not paid nearly what you are worth!
Not all programs are restricted to teachers per say, but can assist towards down payment, closing costs, a combination of both, and the Mortgage Credit Certificate is a tax credit. Make sure you work with a lender who can educate you about the subtle differences of all, and can maximize what programs are available to you.
Neighbor Next Door
Buying a home through HUD's Good Neighbor Next Door initiative is designed to encourage renewal of revitalization areas by providing an opportunity for law enforcement officers, firefighters, emergency medical technicians and teachers to purchase homes in these communities. HUD provides a substantial incentive in the form of a 50% discount off the list price of eligible properties
Summit Mortgage Denver