Teachers play a critical role in educating our children and preparing them to become responsible and productive members of society. It is therefore important to help these valuable community leaders afford to live in the neighborhoods close to their school to contribute to community stability. While many teachers would like to live close to their school, for many teachers, there is a huge affordability gap to overcome that significantly affects their ability to purchase a home on the average teacher’s salary.
According to a recent report, in 42 of the largest 55 housing markets studied, teachers can afford less than half of the homes on the market on the average teacher's salary of $50,000 a year. As the list price for a for-sale home nationwide rose 19.2% in the last three years, while wages rose only 6.7% over that same period.
According to Redfin
, as of September 2016, only 20.4% of all homes for sale across 32 major U.S. metro areas were affordable on an average teacher’s salary of $62,800. Since that report was released, home prices have risen 19.2%
, while wages rose only 6.7% over that same period, further contributing to housing affordability in most major U.S. cities.
Certainty Home Loans is committed to serving those who serve our communities. To assist teachers to become homeowners, Certainty Home Loans offers numerous Federal, state and local programs that provide down payment assistance, grants that can be used towards closing costs and programs specifically for first-time homebuyers.
Additionally, teachers may also be eligible for VA home loans
(zero down payment for eligible veterans), USDA home loans
(no down payment for owner-occupied properties located in eligible rural areas), FHA home loans
(low down payment options) and conventional home loans
As many of the down payment assistance and grant programs have eligibility requirements, please talk to a Certainty Home Loans mortgage professional
in your state to learn which programs are available to you.
May 03, 2019