Congratulations to Angela of Severn, Maryland!To Teacher Next Door: (James Ward, Loan Officer and Steven Bilinky)“This letter is one of gratitude and appreciation for James Ward, Sr. Loan Officer. James was tremendous in the service he provided when I applied for a loan for a house under the “Teacher Next Door Program”. He walked me through the process and immediately responded to all questions and concerns that came up. James made sure the entire process flowed accurately and smoothly.
“Thank You” James, I really appreciate your efforts in assisting me with all details from putting me in touch with a knowledgeable Teacher Next Door Realtor (Steve Belinky) to the settlement on a property that I’m very satisfied with.
Nurse Next Door Program™(Administered by Teacher Next Door®)Teacher Next Door has pledged up to $5 Million in home buyer assistance grantsfor medical professionals.
Many of the benefits of our national home buying program for teachers have been extended to ALL medical professionals including nurses, medical staff and doctors. Additionally, grant amounts have been increased up to $8,000.00*
Ashley D. ClinchMDCPS TeacherMiami, FL
ByKimberly Dawn NeumannFrom Realtor.comIs it really 2016 already? For
those of you who happen to be planning on buying a home in the new year—or even
just trying to—there’s a whole lot to celebrate. Why? A variety of financial
vectors have dovetailed to make this the perfect storm for home
buyers to get out there and make an (winning) offer. Here are six
home-buying reasons to be thankful while ringing in the new year:
No. 1: Interest rates are still at record lows
Even though they may creep
up at any moment, it’s nonetheless a fact that interest rates on
home loans are at historic lows, with a 30-year fixed-rate home loan still
hovering around 4%.
“Remember 18.5% in the
’80s?” asks Tom Postilio, a real estate broker with Douglas
Elliman Real Estate and a star of HGTV’s “Selling New York.”“It is likely that
we’ll never see interest rates this low again. So while prices are high in some
markets, the savings in interest payments could easily amount to hundreds of
thousands of dollars over the life of the mortgage.”
No. 2: Rents have skyrocketed
Another reason home buyers
are lucky is that rents are going up, up, up! (This, on the other hand, is a
reason not to be thankful if you’re a renter.) In fact, rents outpaced
home values in 20 of the 35 biggest housing markets in 2015. What’s more,
according to the 2015 Rent.com Rental Market Report, 88% of property managers
raised their rent in the past 12 months, and an 8% hike is predicted for 2016.
“In most metropolitan
cities, monthly rent is comparable to that of a monthly mortgage payment,
sometimes more,” says Heather Garriock, mortgage agent for The
Mortgage Group. “Doesn’t it make more sense to put those monthly chunks of
money into your own appreciating asset rather than handing it over to your
landlord and saying goodbye to it forever?”
No. 3: Home prices are stabilizing
For the first time in
years, prices that have been climbing steadily upward are stabilizing,
restoring a level playing field that helps buyers drive a harder
bargain with sellers, even in heated markets.
“Local markets vary, but
generally we are experiencing a cooling period,” says Postilio. “At this
moment, buyers have the opportunity to capitalize on this.”
No. 4: Down payments don’t need to break the bank
Probably the biggest
obstacle that prevents renters from becoming homeowners is pulling together a
down payment. But today, that chunk of change can be smaller, thanks to a
variety of programs to help home buyers. For instance, the new Fannie Mae
and Freddie Mac Home Possible Advantage Program allows for a 3% down
payment for credit scores as low as 620.
No. 5: Mortgage insurance is a deal, too
If you do decide to
put less than 20% down on a home, you are then required to have mortgage
insurance (basically in case you default). A workaround to handle this,
however, is to take out a loan from the Federal Housing Administration—a
government mortgage insurer that backs loans with down payments as low as
3.5% and credit scores as low as 580. The fees are way down from 1.35% to
0.85% of the mortgage balance, meaning your monthly mortgage total will be
significantly lower if you fund it this way. In fact, the FHA predicts
this 37% annual premium cut will bring 250,000 first-time buyers into the
market. Why not be one of them?
No. 6: You’ll reap major tax breaks
Tax laws continue to favor
homeowners, so you’re not just buying a place to live—you’re getting a tax
break! The biggest one is that unless your home loan is more than $1
million, you can deduct all the monthly interest you are paying on that loan.
Homeowners may also deduct certain home-related expenses and home property
taxes._____________Teacher Next Door has grants and programs available for: