Homes for Heroes estimates that you could save $1,050 when buying a home for $50,000 - and savings increase as the purchase price goes up. So you have to enroll and then use a professional who’s within the network. “On average,” says the program website, “heroes save $2,400 when they buy or sell a home with Homes for Heroes.”Īlthough this program started out in response to 9/11 as a way of honoring first responders, it soon added teachers to its list of heroes.Įssentially, affiliate lenders and real estate professionals offer discounted fees and costs to teacher members. Homes for Heroes is a nationwide network of real estate, mortgage, and local business professionals that offer home loan discounts to select buyers. This service has proven to be extremely effective in helping buyers raise their credit scores and make home ownership a reality. “ will discover exactly what credit challenges are preventing your mortgage loan from being approved and help you overcome these issues as quickly and efficiently as possible. If you have a troubled credit history, the Fresh Start program, which is part of Teacher Next Door, might help you get the mortgage you want. If your busy teaching schedule leaves little time to shop for loans or compare home buyer assistance programs, Teacher Next Door may be worth a try. When you do come across a negative review, it’ll likely cite long wait times or case managers who make recommendations the reviewer didn’t agree with. Some reviews are downright glowing, crediting a TND case manager with finding thousands of dollars in grant money that the home buyer never expected to receive. So it’s natural to wonder: Can this program really deliver on its promises?įor the most part, online reviews of this particular teacher home buying program say yes. Teacher Next Door offers a lot, especially for a fee-free service. Teacher Next Door will also assist you with your loan application, helping to streamline the process by working with you on your purchase, financing, and closing paperwork. No fees: The program does not charge application fees or other upfront costs.Some can even buy with no money down at all First-time homebuyer help: If you’re a first-time buyer (meaning you haven’t owned your own home within the last three years), you could be in line for even more assistance.Down payment assistance: When your savings aren’t enough to cover the down payment requirement, you may qualify for a grant or loan (with an ultra low interest rate) to get you over the line.Teacher Next Door would help you find and gain access to the grant.Īnd there are other benefits potentially available: The program can also match you with state and local home buyer assistance programs - a task that normally requires some legwork of your own.įor example, you may be in line for a grant (an outright “gift” rather than a loan) that could cover all or some of your closing costs. It helps connect you to borrowing programs that best meet your specific needs. This program resembles a concierge service for home buyers. Though some other public servants have recently gained access to it. Want to find homes that are currently available with this program in your area? Use HUD’s look-up tool.Īs the name implies, Teacher Nex t Door is tailored to educators. Department of Housing and Urban Development (HUD) runs the program. Good Neighbor Next Door helps law enforcement officers, firefighters, and EMTs as well as teachers. HUD’s silent lien is forgiven after you’ve occupied the home for three years, satisfying the program’s primary residence requirement. This leaves you responsible for paying only the other half. HUD creates this 50% discount by taking out a silent second mortgage to cover half of the home price. And you must agree to live in the home for at least 36 months. To qualify as an educator for this program, you’ll need to be a pre-K through 12th-grade public school teacher. However, that applies only if you want to buy in a “ revitalization area,” as defined by HUD. ![]() ![]() Good Neighbor Next Door offers up to 50% off the list price on HUD foreclosure homes. Perhaps the most valuable teacher mortgage is the Good Neighbor Next Door program, which can help teachers save up to 50% on certain home purchases. Then compare your options with other loan programs to be sure you’re getting the best deal. So read up on some of the best home loans for teachers below. You might save more with a “standard mortgage” available to all. Even if you’re a teacher, a specialized home loan might not be the best option. Some offer genuine help, while some may just be marketing gimmicks. Teacher home loans offer deals for educators, usually in the form of lower fees or down payment and closing cost assistance.īut not all teacher mortgages are worth it. 13 min read Are teacher home buying programs worth it?
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