Can you explain more about options available to teachers for downpayment for a first time buyer home? I have

Asked by Karen, 32246 Tue Mar 11, 2008

had a lot of discouraging information and none really seem to be applicable to me or helpful. example: teacher next door program only works with HUD homes and only in the zip code of your school, which mine is downtown in an awful area. Down payment assistance programs ask the seller to rebate the closing costs...that has not been helpful for some sellers I contacted.

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Jose Gomez, Agent, Miami, FL
Tue Mar 11, 2008
Hi Karen - You should start by contacting several of the larger banks / lending institutions (Bank of America, Wells Fargo and so on) and ask them about the ACORN program. Not all financial lenders offer it, however you might not know which ones do unless you ask. The ACORN program's focus and main intention is to help first time home buyers - primarily: city, county and state employees with loan benefits and incentives. Secondly, you can ask the lenders about FHA loans. These loans require a great deal more paperwork and are somewhat more time consuming, but yet again, FHA loans sometimes have special programs or incentives for city, county and state employees. Lastly, lots of new housing developments or conversions offer incentives to buyers in the service industry (police officers, hospital workers, teachers) which help them with closing costs, upgrades, etc. Again, it all starts with asking. You asked here first, I hope I helped and I hope you get many more helpful take that information and go ask the banks and developers. Best of luck to you! Jose Gomez - Miami Realtor
1 vote
NA, , Lompoc, CA
Fri Jan 14, 2011
Not a lot of people know about the Good Neighbor Next Door Program HUD offers but it's something to keep it mind. You can get 50% off the listing price off your home.
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Viviana Caic…, Agent, Jacksonville, FL
Fri Jan 14, 2011

HUD offers many other programs in which you can participate, get outstanding deals and still buy in an area you choose and like, programs include $100 down payment – (for qualifying owner-occupant buyer with FHA financing only.)

To learn more, you can contact me or any other HUD specialist in the area.

Viviana Caicedo
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Patti Namey, Agent, Jacksonville, FL
Tue Mar 11, 2008
Hello Karen - There is a bond program in place that would be of great benefit to you! Of course, there are some restrictions relating to maximum income. It is time for the bond to be funded again and as of today, it had not yet been funded. However, it is anticipated to happen anytime. You will want to be ready to take advantage of this financing when it is available as whenever the bond money is gone, then it's gone and we don't know how many times it will keep funding. To reserve your portion of the financing you will need to have selected your home to purchase and be ready to make an offer. The money is reserved only with a fully executed contract for the purchase of a home. I'll be happy to assist you further with more information on the financing and finding your new home - Thank you for this opportunity to be of assistance. Patti Namey, GRI, Broker Associate, Realtor -Watson Realty Corp. 904-742-8451 (cell) -
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