One of the frequently asked questions we receive is, "Do I qualify?" The Teacher Next Door Program was designed to increase home ownership among teachers, support community development and increase access to affordable housing, free from discrimination. It was also designed to be much more inclusive and impose far fewer restrictions, than HUD's Good Neighbor Next Door Program. (Which only includes classroom teachers, police, fireman and EMT's.) Teacher Next Door currently has grants and down payment assistance available for ALL school employees. The above list is just an example of those who qualify. You may purchase ANY home on the market through Teacher Next Door, not just HUD homes.In order to see how much you qualify for, simply click apply now and complete the short pre-application. Your personal financial information is not collected on the pre-app and there is no credit check.Teacher Next Door is also the administrator of several other programs, including Nurse Next Door. For a full list of programs available, CLICK HERE.APPLY NOWReviews
Help is here for Police, Law Enforcement Officers and support staff!In the past 12 months, Officer Next Door has helped over 20,000 law enforcement professionals and other public service employees, navigate the home buying process. If you work in law enforcement, you are eligible for the Officer Next Door National Home Buying Program™. There is no fee for using the program and the benefits are substantial.
Home Loans: For the mortgage loan, an Officer Next Door Certified Program Specialist will discuss your individual situation and help you determine which home loan program will benefit you the most. All loan types are available in connection with the Officer Next Door Program, including conventional, FHA, VA and USDA. In addition, you may qualify for special programs such as Fannie Mae’s HomeReady or Freddie Mac’s HomePossible or HomeOne programs.
Grants: Housing GRANTS up to $6,000.00 are currently available to law enforcement and support staff. Depending on the area, these grants may include government grants and/or the Officer Next Door Grant. Some of the state specific programs may include Arizona Home in Five, Georgia Dream, Florida First and others.
Down Payment Assistance: Officer Next Door works with over thirty different down payment assistance programs, including national programs such as Chenoa and Unison. Currently, down payment assistance amounts may be up to $10,681.00, depending on your location and individual circumstance.
First Time Home Buyers: The Officer Next Door Program is not limited to first time home buyers. However, law enforcement officers and support staff who are first time home buyers may also benefit from Officer Next Door’s First Time Home Buyers Program.
Other Benefits: Law enforcement and support staff may purchase any home on the market through Officer Next Door and there are no 3-year residency requirements. There are no application or up-front fees and the Simple Docs Program™, available in most states, may reduce or eliminate the need for you to gather many of the verification documents typically associated with a mortgage loan.
For more information on the Officer Next Door Program you may visit www.OfficerNextDoor.us or www.teachernextdoor.us/Officer-Next-Door.
1. Half Price Homes (50% off value) - Only HUD’s Good Neighbor Next Door program offers homes at 50% of the current appraised value. If there is a Good Neighbor Next Door home available in your work area, and you meet the other eligibility requirements, you may be able to purchase the home for only $100.00 down, using an FHA loan and you may use the Teacher Next Door GRANT to help pay all or part of your closing cost. 2. Housing Grants - Teacher Next Door is the National Home Buying Program that offers participants the opportunity to receive GRANTS and other home buying benefits. Good Neighbor Next Door is not a grant program and HUD does not offer grants for single family home buyers. 3. Down Payment Assistance - Teacher Next Door has down payment assistance programs available on any home purchase, in all 50 states. These programs include, Home in Five Advantage, Home Plus, Georgia Dream, Golden State Platinum, Florida First, Military Heroes, First Home, Chenoa and Unison, just to name a few. Your Teacher Next Door representative is trained in all the various programs and will explain your eligibility. Programs are each structured differently and eligibility varies by city and state. Good Neighbor Next Door offers no down payment assistance, outside of the $100.00 down plan on the Good Neighbor homes. 4. Eligibility - The Good Neighbor Next Door program requires that all buyers have one of four very specific job titles: Law Enforcement Officer (with arrest powers), Classroom Teacher (Pre-K through 12th grade), Firefighter or Emergency Medical Technician. (EMT) The Teacher Next Door Program, on the other hand, is much more inclusive. Teacher Next Door provides GRANTS, down payment assistance and other benefits to all teachers, law enforcement, firefighters and EMT’s, but also includes all their support staff. In addition, Teacher Next Door extends these benefits to Nurses, other medical professionals, government employees and Military personnel. If you are an eligible public service professional, you may use Teacher Next Door benefits to purchase any home on the market, not just Good Neighbor homes or other HUD homes. For a complete list of eligible professions, CLICK HERE.5. Location – Good Neighbor Next Door homes are all HUD owned and located in revitalization areas, chosen by HUD. To bid on a Good Neighbor home, you must work in the same area where the home is located.Since Teacher Next Door is a national home buying program and not operated by HUD, you may purchase any home on the market and are not required to work in the same area as the home. 6. Availability – Good Neighbor Next Door homes are extremely limited in their availability, as you might imagine, being half price. In some states, there are urban areas with several Good Neighbor homes available. Whereas, many other states may have zero Good Neighbor homes at any given time. When you bid on a Good Neighbor home, it is a lottery style bid. So, if there are 20 bidders, you will have a 1 in 20 chance of having the winning bid. With Teacher Next Door, there are usually plenty of homes available, because you may choose any home, in any neighborhood. 7. Residency Commitment - If you are the winning bidder on a Good Neighbor Next Door home, HUD requires a three-year residency commitment. Teacher Next Door does not have any limitations when it comes to residency.
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.
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: