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.
Here are just a few of the loans programs Certainty Home Loans offers:
Good Neighbor Next Door Sales Program
provides pre-kindergarten through 12th-grade teachers, police officers, firefighters and EMT's with the opportunity to purchase a home at 50% off the list price, provided the home buyer commits to living in the property for 36 months as their sole residence. These HUD properties are located in certain revitalization areas and available via a lottery style bid. Check the listings in your state >
Alabama Step Up Program
provides down payment assistance for home buyers with an annual family income less than or equal to $97,300, regardless of household size or location.
Denver Metro Mortgage Assistance Plus
is a special grant program for homebuyers with low and moderate income that helps with the down payment and closing cost assistance up to 4% of the loan amount.
Georgia Dream PEN
(Protectors, Educators and Nurses) provides eligible homebuyers employed as educators with $7,500 down payment assistance towards the purchase of a home in Georgia.
NC 1st Home Advantage Down Payment
program provides eligible first-time homebuyers and military veterans with $8,000 down payment assistance through a deferred second mortgage, which is forgiven 20% per year at the end of years 11-15.
OHFA 4 Teachers
provides a low-interest home loan program for Oklahoma teachers. Eligible homebuyers may apply for a fixed-rate mortgage loan and receive a grant for down payment assistance.
SC Palmetto Heroes Program
provides qualified homebuyers with up to $6,000 in down payment assistance.
TSAHC offers the Home Sweet Texas
and Homes for Texas Heroes Programs
to help eligible home buyers, including teachers with low to moderate income, purchase a home anywhere in Texas with down payment assistance grants.
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 additional eligibility requirements, please talk to a Certainty Home Loans mortgage professional
in your state to learn what home loan programs are available to you
May 03, 2019