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Teacher Next Door Home Loans from FHA

FHA now offers discounted mortgage rates with unique home loans that are only available to teachers The Teacher Next Door is a special mortgage to help supplement teacher housing. These home loans offer teachers a HUD-acquired, single-family properties to public school teachers many worthy benefits: Under the Teacher Next Door program, HUD offers homes located in designated revitalization areas. Interest rates on teacher home loans remain competitive. Revitalization areas are typically in low- and moderate-income neighborhoods, have many vacant properties and often have high crime rates. HUD considers these properties as ideal for improvement and economic development. This is not a typical mortgage refinance loan option, but rather a home financing opportunity for Teachers.

Low Rate Home Loans for Teachers

Teaching prospects can buy designated homes for sale in this initiative that were previously insured by FHA prior to the home loan default and foreclosure proceedings. In addition HUD has lowered the down-payment requirement to just $100 if the house is purchased with another FHA insured loan. In order to purchase a Teacher Next Door Home you must be pre-qualified and approved with a commitment letter from a FHA approved lender. 3% FHA rates are now available at 4% on terms that are fixed for thirty-years.
 

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Finance a new home or get help buying a foreclosed property with an affordable mortgage from FHA Home Loan Services.

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If you have low fico scores and need help finding a suitable loan, consider a mortgage for bad credit from Nationwide.

Refinance and Save Money Now!
FHA Mortgage Rates dropped below conforming rates in 2012, but with the economy and inflation concerns, interest rates will likely increase soon. Refinance today and get a fixed rate guarantee for thirty years.

Once again the U.S. Government sponsored enterprises are in the new, but this time the data is favorable as a recent Bloomberg report indicates that Government Mortgage Loans Are Performing Better than Private Loans.

My Loan Quote announced new opportunities for borrowers with low fico scores. The network announced new standards on a bad credit mortgage for first time buyers.

 

Teacher Next Door Home Loans Sponsored by FHA by Jean Pryor

The U.S. Department of Housing and Urban Development (HUD) wants to make American communities stronger. The Teacher Next Door program is designed to further this goal by encouraging teachers to buy homes located in designated revitalization areas. Revitalization areas are typically in low- and moderate-income neighborhoods, have many vacant properties and often have high crime rates, but are considered good candidates for economic development and improvement.

The Teacher Next Door (TND) program is a unique home loan incentive with FHA. This teacher home loan offers HUD-acquired, 1-family homes to public school teachers with the following significant benefits:

  • 50% discount off appraised value.
  • $100 down payments.

The Teacher Next Door program discounts HUD-owned, single-family properties by 50% to qualified teachers. Teaching prospects can buy designated homes for sale in this initiative that were previously insured by FHA prior to the home loan default and foreclosure proceedings. In addition HUD has lowered the down-payment requirement to just $100 if the house is purchased with another FHA insured loan.

Teachers Requirements for Loan Qualification

  • The teacher doesn't have to be a first-time homebuyer to participate. However, the teacher cannot own any other home at the time the loan closes on the TND home.
  • Teacher must live in the property as their sole residence for at least three years after the closing date of the teacher home loan.
  • A "teacher" is defined as an individual employed full time by a public school, private school, or Federal, State, county or municipal educational agency as a State-certified classroom teacher or administrator in grades K through 12.
  • Teachers wishing to purchase a home under the TND program must be in good standing with their employer. The employer must certify that the teacher is a full-time teacher or school administrator.

How to Participate

TND property is listed (http://www.hud.gov/offices/hsg/sfh/reo/homes.cfm) and sold exclusively over the internet. Properties are single-family homes located in Revitalization Areas (http://www.hud.gov/offices/hsg/sfh/revite/abt_revt.cfm). Properties available through the program are marked with a special Teacher Next Door button. Bids are awarded once each week. Your bid must be the amount of the list price. You may submit your bid directly or utilize the services of a real estate broker. A computer randomly selects the winning bid. The winning bid is posted each week on the web site where you made your bid.

You may also buy a home from a government agency or a nonprofit organization that bought the home from HUD. HUD expects the full discount to be passed on to you when an agency or nonprofit buys the house.

In all cases, HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided you fulfill the three-year occupancy requirement.

If the home you want to purchase needs repairs, you may use FHA's 203(k) mortgage program. This program allows you to finance both the purchase of the home and the cost of needed repairs. You have the benefit of one loan for both costs and one monthly payment. Call us if you have questions about your options under this program.

 

All mortgage products are provided by FHA Home Loan Services, which may arrange loans with third party providers. FHA Home Loan Services is national lender. Not everyone will qualify for a government insured mortgage.
This is not a commitment for a FHA house loan or an advertisement for credit as defined by paragraph 226.24 of regulation Z.
©2012 FHA Home Loan Services - All Rights Reserved.  Underwriting guidelines do apply as not all applicants will be granted an approval on house loans for teachers.