What type of programs still exist for first time home buyers who are teachers?

Asked by analiseharris, Denver, CO Tue May 14, 2013

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Lake Bishop, Agent, Denver, CO
Thu Jul 4, 2013
Everyone below is accurate, but there is one other program for first time home buyers. This program is the MCC tax credit that allows you to get a tax credit for up to $2000 of your annual interest. That can mean a savings of more than $100 per month and all you need to do is have the right lender. Let me know if I can assist you in any way.

Lake Bishop
1 vote
Ray Williams, , Denver, CO
Thu Jul 18, 2013
If you are lucky enough, you could buy a HUD home through the Good Neighbor Next Door program. The reason I say lucky, is it is a lottery. From there , there is CHFA, CHAC, HOAP, the Metro Mortgage Assistance, and most of all make sure if you are an eligible first time buyer, that you ask for the Mortgage Credit Certificate. This is a tax credit that few know about, and many lenders can't offer you.

Best of luck
Ray Williams
Summit Mortgage Denver
0 votes
Ritchy Haynes, , Denver, CO
Thu Jul 18, 2013
CHAFA is a great program also if the home is a HUD home there is a program called the good neighbor next door. Otherwise you may check with various lenders as many offer reduced closing costs for teachers, medics, police, fireman, etc.
0 votes
Chandra Watk…, Agent, Redlands, CA
Wed Jul 17, 2013
The challenge in some areas is getting a seller to accept a buyer's offer that is using a program to assist with their financing. I would ask your realtor what the status is in the area(s) that you are interested in purchasing in. You may opt to use traditional FHA or Conventional financing.
0 votes
Robert McGui…, Agent, Denver, CO
Tue May 14, 2013
Hi Analise,

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.

Robert McGuire
Your Castle Realestate
0 votes
Karla Knapp, Agent, Castle pines, CO
Tue May 14, 2013
Hi Analise,

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!
0 votes
ok i will!
Flag Tue May 14, 2013
Matt Ackerman, , Denver, CO
Tue May 14, 2013
Hi Analise,

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.

Good luck!

p.s. Thanks for being a teacher - not paid nearly what you are worth!
0 votes
Ray Williams, , Denver, CO
Tue May 14, 2013
You will want to look on HUD's website about the Good Neighbor Next Door program. From there, there are also programs like the Metro Mortgage Assistance program, CHFA, CHAC, HOAP and so forth. There is also a Mortgage Credit Certificate (tax credit) as well. YOu can also even combine the Good Neighbor Next Door program with an FHA 203K mortgage (add in remodel costs) as well.

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

Ray Williams
Branch Manager
Summit Mortgage Denver
Web Reference:  http://www.fhacolorado.org
0 votes
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