Could you use extra cash to buy a home? See how one program can give you that cash via an $8,000 grant and other financial benefits if you’re a teacher.
Buying a home is quite costly now, even if you’re buying something small in a rural area. Does this mean you should delay your dream of becoming a homeowner? No, because home prices probably won’t go down anytime soon, and if you’re an educator, you could get a ton of financial help in buying a home thanks to the Teacher Next Door program.
The Teacher Next Door Program
Teacher Next Door (TND) is a national homebuying program for educators and other public service professionals. With the program, buying a home can become a lot more accessible for certain professions, such as:
- School staff and administration
- Law enforcement and staff
- Nurses and healthcare workers
- Government employees at the city, county, state, and federal levels
- Active duty military and veterans
Teacher Next Door Benefits
Buying a house can be overwhelming due to all of the costs involved. And with today’s real estate prices, homebuying can seem more overwhelming than ever. How can Teacher Next Door help you afford a home? By offering all of these benefits:
- Grants up to $8,000 – unlike loans, grants do not have to be repaid
- Down payment assistance up to $10,681
- Lower interest rates on your mortgage
- No upfront fees, application fees, or broker fees
- Free home appraisal up to $545
- Title fee discount
- Free access to foreclosures across the country
- Free MLS listing access
- Free homebuyer representation
In addition to those benefits that can significantly reduce your homebuying expenses, Teacher Next Door also has a Fresh Start credit repair program. It can help you increase your credit score and make it easier to get a mortgage. And while all of these benefits are great, this may be the top one: With Teacher Next Door, you can buy any home on the market. In other words, you can use these benefits without restrictions that you may encounter with other homebuying programs.
Teacher Next Door Eligibility
As mentioned, TND was created for teachers and public service professionals. Can any teacher apply for this program? The answer is mostly yes, as TND accepts all classroom teachers in the pre-K through 12th-grade levels. Public and private school teachers can apply, as can college and university professors. And as you can see in the list above, even school staff and administration can enjoy Teacher Next Door’s bevy of homebuying benefits.
To learn more about the Teacher Next Door Program and to begin your application, go here.
Other Homebuying Programs For Teachers
While Teacher Next Door has nearly everything you’d want from a homebuying program, educators have other options. The Good Neighbor Next Door Program from the HUD is a popular homebuying option. It lets you purchase a house at a 50 percent discount from its list price in specific revitalization areas.
Another helpful homebuying program is Homes for Heroes, which offers discounts to teachers. The average Homes for Heroes applicant saves $2,400 when buying a home.