Home buying may seem like an impossible dream right now, but it doesn’t have to be. Believe it or not, home loans for teachers, grants, and deals actually do exist. We’ve rounded up a list of teacher-exclusive programs to help make your home-buying dream a reality.
Since home-buying fees and other costs can add up quickly, take these ideas seriously and do your research. Read the information on these sites, talk to your colleagues, and find a Realtor you trust. Programs like these are constantly changing and evolving, so grabbing the most current information on the linked site is an important tip.
Here are home loans for teachers and discount programs worth checking out.
1. Teacher Next Door
Teacher Next Door is the largest, and probably best known, home-buying program in the United States. This program offers assistance to classroom educators in pre-K through grade 12 as well as school employees. There’s a huge list of more than 50 grants up for grabs listed by state that you won’t want to miss! Not only teachers but nurses, law enforcement officers, firefighters, EMTs, and government employees can secure discounts, grants, and support with Teacher Next Door.
Here’s what Teacher Next Door offers:
- Home-buying grants up to $8,000
- Down payment assistance of up to $10,000
- Access to preferred interest rates
- Free appraisal credit, home buyer representation, and more
Almost seems too good to be true, right? Check out the Teacher Next Door program in more detail and see how much you may qualify for.
We found the perfect home for us just in time for the school year to begin. We were able to close quickly and the grant money definitely helped us get into our home without spending more than we could afford!
Sarah and Matthew Brady, Stafford, NJ
2. Good Neighbor Next Door
Good Neighbor Next Door is a program from the Department of Housing and Urban Development (HUD). When law enforcement officers, pre-K through 12th grade teachers, firefighters, and emergency medical technicians commit to living in a revitalization area as their primary residence for 36 months, they are eligible for significant discounts.
The catch? You need to keep an eye on the Good Neighbor Next Door site to stay abreast of homes that are listed. The properties are for sale for a seven-day period, and people can then request to buy one. If more than one person submits an offer, the buyer will be chosen by special lottery.
Here’s what Good Neighbor Next Door offers:
- Discounts up to 50% on homes in revitalization areas
3. Homes for Heroes
The mission of Homes for Heroes is to “provide extraordinary savings to heroes who provide extraordinary services to our nation and its communities every day.” Created shortly after 9/11, this foundation’s sole goal is to give back. Firefighters, EMS, law enforcement, military (active, reserves, and veterans), healthcare professionals, and teachers qualify as “heroes” worthy of discounts. Talk with their real estate specialists to learn how you can save with the Homes for Heroes program.
Here’s what Homes for Heroes offers for teachers:
- Average savings of $3,000 when buying or selling a home
- Real estate specialists with savings averaging at $2,300
- Discounts on lender fees, title service, and home inspections
4. Educator Mortgage
Educator Mortgage offers a lot of support for teachers. Get discounted closing costs or Realtor fees, fast loan processing, and even a donation to the teacher’s school. Educator Mortgage also offers home-buying programs, teacher refinancing programs, and teacher home-selling programs. Check out the FAQ page to learn more, or fill out the form on their site to be contacted by a representative.
Here’s what Educator Mortgage offers:
- Up to $800 in closing cost savings
- Credit for real estate fees up to $800
- Faster loan process turnaround
- Donation to your school when using their program
- Teacher refinancing and home-selling programs
5. Teacher-Exclusive Credit Unions
Joining a teacher-focused credit union can come with many perks, including lower loan rates. It’s worth checking out these institutions in your area to explore the perks and rates they’re currently offering for teachers. Find credit unions near you using this locator.
Here’s what teacher credit unions can offer:
- Lower interest rates than other banks
- Teacher-exclusive discounts and benefits that vary by location
- An institution that understands and serves your profession
6. Fresh Start Credit Repair Program
This program from Teacher Next Door helps individuals overcome credit score challenges. If this is a roadblock for you in the home-buying process, check out the Fresh Start Credit Repair Program. They’ll provide you a free consultation to improve your credit score and help make home buying a reality.
Here’s what the Fresh Start Credit Repair Program offers:
- Free consultation to improve your credit score
- One-on-one service to uncover credit challenges
- Assistance in making home ownership a reality with a low credit score
7. Teachers Unions
If you’re a member of a teachers union, they may have mortgage benefits you can utilize. Ask around at your union to find out if these discounts are available to you! The American Federation of Teachers (AFT) and United Federation of Teachers (UFT) offer home loans for teachers and discount programs listed on their websites that are worth checking out.
Here’s what the teachers unions can offer:
- Mortgage and refinancing partners that offer deals for teachers
- Discounts on van and truck rentals to help your moving process
- Specific perks vary by union