Question: I am a teacher in Houston, Texas and I am looking for programs that offer educators assistance with their home loans. Can you please direct me to some websites and or programs to get further knowledge on this subject?
Answer: It’s a generalization to assume teachers cannot afford to buy a home in this economy. However, teachers would probably be under one of the professions most likely to struggle in this economy. It is a common fact that teachers get low salaries compared to other professions, and if they’re a home buyer than they might be struggling to afford a mortgage, or to keep up with mortgage payments if they are a homeowner.
If you’re a teacher in Houston Texas the information below in this article might be able to help you out.
Home Buyers in the state of Texas qualify for federal and state FHA, USDA, and VA loans. If you’re a teacher and a home buyer FHA loans might be easier for you to obtain. FHA loans offer mortgages below market value and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Texas's Extra Credit Teacher Home Purchase Program, a down payment assistance loan.
Another program is the Texas State Affordable Housing Corporation. Through this program, teachers are eligible to apply for 30-year fixed rate home loans below market value. The program is offered to full time teachers, counselors, librarians, nurses and teacher’s aides. Information about this program can be obtained by calling (512) 477-3555 or (888) 638-3555.
If you’re a teacher living in Texas looking for a home, your profession is one that falls under the qualification met to qualify for the Good Neighbor Next Door. Under this program, HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home you are looking to buy. Additional information about the program can be read in the link below.
The Teacher’s Mortgage Program is another program that offers low interest rates and affordable down payments and assistance in order to help school teachers achieve the American dream of owning a home. If you’re a certified full-time or part-time public school teacher or vocational-technical teacher, you may qualify for the Teachers Mortgage Assistance Program. Teachers can call (800) 922-3210 to talk to a specialist about applying for this program, or read additional information at this link.
Free home buyer events occur all across the country. LoanSafe posts several of these events for LoanSafe members and visitors to check out daily. Teachers are no exception to attend these events and seminars, and most definitely should. And if you’re a teacher who is a homeowner and are struggling with a hardship or your mortgage payments, free foreclosure events are another necessity that assist mortgage payers with their mortgage payments.
Above are specific programs that teachers in Houston, Texas could use to buy a home. However, these programs are certainly not the only ones in the state and you should not stop looking with just these options. Mortgage events are a perfect example of mortgage assistance that can be found almost daily. When searching for programs try staying local to the state of Texas to make it an easier process.