Before committing to FNBO, you can shop rates by pursuing preapproval. Amalgamated boasts discounted fees and a first-time home buyer program that allows down payments made entirely with gift or grant money. Both lenders also offer refinancing options. The biggest caveat: Though all AFT members are eligible, neither Union Plus nor Amalgamated is licensed to lend in all 50 states, so availability depends on where you live.
Look into location-specific programs for educators that may be able to help you become a homeowner. Examples include:. These loans are subject to income limits, but you don't need to be a first-time home buyer. The tech startup Landed helps teachers and other school employees who work in high-cost areas like San Francisco, Boston and Washington, D.
The Connecticut Housing Finance Authority discounts its published mortgage rates by 0. After the borrower teaches for three years in an underserved area, the loan converts to a grant. Some lenders also offer home loans or assistance programs that are specifically geared toward teachers.
A number of those states offer special mortgage programs as an incentive for teachers to move into certain school districts. These tend to fall under the category of down payment assistance — but may be more generous than other DPA programs available to the general population.
For instance, you might get additional tax credits or grants. Again, Teacher Next Door should be able to put you in touch with your local program, assuming there is one near you. Certain home loan programs are already so generous, they could exceed the benefits provided by a teacher home loan. In addition, VA loans have no continuing mortgage insurance — even with low or no down payment. USDA-guaranteed loans also let you buy with no down payment.
And they offer lower interest rates and mortgage insurance rates than most other loan types. Both options allow low down payments. FHA only requires 3. The loan program with the right combination of rates, fees, closing costs, and discounts will be the right one for you. No matter your profession, housing affordability is a local issue because home prices vary widely across the country.
If you qualify for the right one, teacher home loans are definitely worth it. Many save thousands — or even tens of thousands with the Good Neighbor Next Door program. And the hassle involved can be minimal. Indeed, the time you invest in maximizing your savings could turn out to be the highest hourly rate you ever earn. Government-run down payment assistance programs are also trustworthy, even though a grant to buy a house may seem suspiciously good.
Teacher home loans often have the best perks for teachers. But some teachers may get better deals through other programs. So make sure you explore your full range of options before settling on a home loan. Teacher Next Door can help match teachers with local home buyer programs and discounts. But why avoid Teacher Next Door? New Britain. New Haven. New London. West Hartford. West Haven. Subject Matter Shortage Areas:.
See Connecticut General Statute Section u. Alliance Districts:. Ansonia Bloomfield Bridgeport Bristol Danbury. If you have owned a home in the past three years, you may still be eligible if you plan to purchase in a targeted area, which are communities targeted by the federal government for revitalization. The Educator Mortgage Program provides several refinancing programs for teachers in Connecticut. We have a multitude of conventional home loan products that range from fixed rate and term loans to adjustable rate mortgages ARM.
We also have many unique refinancing options for investment properties. Contact us today to see what your best refinance options are. To learn more about the different home financing programs for teachers in Connecticut, contact us today and we will walk you through all your options.
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