One of the most popular names under which special mortgage financing for elementary and high school teachers is available is the "Teacher Next Door" program.
The Teacher Next Door Program offers HUD-acquired, single family homes to teachers at 50% off the purchase price. Single-family detached homes, condominiums and townhouses are all included. The teacher must purchase a home in the same school district/jurisdiction in which he/she is employed and must reside in the home as their sole residence for at least 3 years. After the 3-year period, the teacher may sell the property and keep any profits.
The federal government sets the eligibility rules. The Teacher Next Door Program is open to any state-certified classroom teacher in grades K-12, who is employed full time by a public school, private school, or federal, state, county or city educational agency (ESP, student, administrator and retired members are not eligible, as defined by HUD).
The Teacher Mortgage Program is intended to help teachers and administrators live in the communities of their choice despite high housing costs.
While teachers are able to get houses for up to 50% off the purchase price, there are areas that don't have very many of these types of houses available. In these areas teachers are able to get into 100% loans that offer extremely competitive rates. Your mortgage broker should be able to assist with these loans.
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