Congratulations Bryan and Kayla Randall of Winter Haven, FL on your beautiful new home! We would like to wish you many years of happy memories.Thank you Teacher Next Door Realtor, Cheri Aumond McLean for going above and beyond.For information on GRANTS, down payment assistance and other programs - CLICK HEREAPPLY NOW
How can a teacher with bad credit get approved for a mortgage to buy a home? As the largest National Home Buying Program in the U.S., it is a question we are asked every day. The honest answer is, it depends.
FICO scores between 500-580
FHA now allows loan approvals with FICO credit scores as low as 500. However, if your score is between 500 and 580, there are at least two important differences from the typical FHA loan: Down Payment: FHA requires all buyers with scores below 580 to put a minimum of 10% down. Whereas other loan programs may be as low as 0-3.5% down.
Hand-Underwriting: In addition to the larger down payment, with a score below 580, FHA will require that the application go through a process known as “hand-underwriting,” as opposed to the typical automated process. The underwriters will be looking for a specific hardship to explain the low credit score and will likely need a good “letter of explanation”
Compensating factors: During hand-underwriting, the underwriter will consider compensating factors, to get the loan approved for you. These may include things such as a long and stable employment history, high income, excellent rental history and high cash reserves. A low debt-to-income-ratio will also help. For example, 29/41. (29% or gross for PITI and 41% of gross total monthly debt.)
Teacher Next Door accepts all applications, regardless of credit score and our Preferred Lenders will work hard to get a loan approval for you. Many buyers with scores below 580 may find it necessary, or easier, to repair their credit prior to moving forward with a home purchase. Teacher Next Door’s Fresh Start Program could be a possible solution to help you raise your score.
FICO score of 580+
If your score is above 580, you should be able to get an FHA loan with only 3.5% down payment. You may also not need to go through the hand underwriting process, making it easier to get approved.
Grants and Down Payment Assistance for Teachers
All teachers and school employees are eligible for the Teacher Next Door GRANT, regardless of credit score. However, you would still need to qualify for the mortgage financing. With a credit score above 580, you may be eligible for down payment assistance. Teacher Next Door requires each of our three national Preferred Lenders to offer several different down payment assistance options. These DPA programs may include Home in Five Advantage, Georgia Dream, Florida First, Chenoa, Unison and several others. When you apply through the Teacher Next Door Program, a TND Program Specialist will contact you to go over the various options. A credit check is not required to complete the pre-application
If you have other Questions about the Teacher Next Door Program, please visit the Frequently Asked Questions section at
www.teachernextdoor.us/FAQs Teacher Next Door ReviewsAPPLY NOWFresh Start Program
“James and the Teacher Next Door program recently made my dream of home ownership come true! He could not have made the process any easier from explaining the loan options, setting me up with an amazing Realtor, making sure I knew exactly what each home would cost before I viewed them, to arranging for the closing and talking me through the process. He answered a ton of questions with a calm kindness and seemed to always be available no matter the day or time. This is a wonderful program for teachers! I would not have a home today if it was not for James and his team! Don’t wait to call them, they will help change your life.” Krissy Vilagie, Brocton, MAMore Teacher Next Door Program ReviewsFAQ'sGRANTS and Down Payment AssistanceAPPLY NOW
Tonight we finally got to unlock the door to our new home. We’re so grateful to all of you—especially Skye for showing up at every turn.
I know you all put up with a lot of worry and questions from me. Remember, for many this is a new language. I’m grateful to each of you for answering my questions and guiding the way. (Especially over text, Kendall!)
We will love this home deeply and will send photos once it’s decorated.
Here is what I wrote on Facebook tonight...
Today, we closed on our first home. We had a picnic dinner on our living room. Then David went to middle school orientation(yikes!) for O. The girls and I took Steel on a 2 min walk to the park next to our home. We’ve been there 100s of times. But tonight, as I watched the girls play with friends, the Sandias turn pink, and the sunset, it felt different. It felt like home. Our home...
Thank you for the kind words and congratulations on your new home! Shout out to TND Realtor Skye White and TND Loan Officer / Program Specialists Kendall Grady! David and Jamie Martinez SolisAlbuquerque, NMCongratulations on your new home!For info on GRANTS, down payment assistance and other benefits for first time home buyers visit https://www.teachernextdoor.us/First-Time-Home-Buyer-Program.FAQ'sTeacher Next Door ReviewsAPPLY NOW
Congratulations to new first time home buyer Ashley Fair! We wish you many happy memories in your lovely new home. Special thanks to TND Program Specialists Maria Hickman for helping make dreams come true.For info on GRANTS, down payment assistance and other benefits for first time home buyers visit https://www.teachernextdoor.us/First-Time-Home-Buyer-Program.FAQ'sTeacher Next Door ReviewsAPPLY NOW
"The Teacher Next Door program has helped us tremendously at getting us into a new home that fits for our family. As a blended family of five kids - Sheff helped us to get the mortgage loan and understand the mortgage process. He had weekly updates and very easily answered our questions. Now that we were pre-qualified, we then next turned to Cheri to help us find a house that fit our needs. She was very prompt via text messaging and emailing for questions about houses.She was also very flexible to fit our schedule at looking at houses for us to see. After we found our house, Cheri and Sheff did everything in a exceptional manner and very prompt at getting the paperwork processes through the lender. Also, April and Caress contributed to helping us with paperwork and questions needed for this to happen. At the end of the day, we are in a new home that meets our needs and looking forward to raising our family in our home.
The Teacher Next Door Program has met our exceptions!"
Thank you to all,
Amy and Justin
If you are considering purchasing a new home in 2019, this is a great opportunity! For more information and to apply, visit www.TeacherNextDoor.us, or CLICK HERETeacher Next Door also has extended benefits to include nurses, law enforcement and other eligible public service professionals. If you are not a teacher and would like to determine your eligibility, please visit https://www.teachernextdoor.us/Home-Buying-Programs or CLICK HEREAPPLY NOWTo read more Teacher Next Door Reviews CLICK HERE.
Stress Free!
Teacher Next Door Realtor: Alison RachiellTeacher Next Door Loan Officer: Kendall Grady
"I can’t stress enough how smooth this process has been. Kendall, David, Alison, and all the other personnel were extremely professional, quick to respond to any questions, and just completely awesome. This experience has been absolutely stress free because of them."Jana EriksonBoulder City, NV
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"Jennifer and her team went above and beyond to make sure I got into my new home! I recommend them to anyone who wants a very personalized and wonderful experience in what can be a pretty stressful experience."Jeni GillespieClarksville, TN
"Basem and his whole team were incredible through this entire process! They explained every detail and were extremely thorough with what I needed to do to get into my dream house!
West Creek, NJ
Alicia ScheelOrlando, FL
Teacher Next Door Realtor: Joanne GreenbaumTeacher Next Door Loan Officer: Danielle O'Neil
"Attentive to the process and thorough explanation and follow up!" Top
Extremely Helpful!
Teacher Next Door Realtor: Jeff RosaTeacher Next Door Loan Officer: Brandon Childs
"Brandon was extremely helpful walking us through this process."Travis RosaCincinnati, OH
Teacher Next Door Realtor: Officer Next Door Loan Officer: Melissa Gutierrez
"Melissa Gutierrez and Caress Gray were great to work with."Carla HallEdna, TX
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Nurse Next Door Realtor: Bridgett RobersonNurse Next Door Loan Officer: Jose Palomar
Top
___________________Incredibly Helpful
Teacher Next Door Realtor: Mary Jane Coutz Teacher Next Door Loan Officer: Basem Jaber
Little money out of pocket
Teacher Next Door Realtor: Petra PayneTeacher Next Door Loan Officer: Melissa Gutierrez
Carolyn Fort Worth, TX____________________
___________________?Can't say enough...such a pleasure
Teacher Next Door Realtor: Sharon CaldwellTeacher Next Door Loan Officer: David Butcher
?Excellent support through home buying process
Teacher Next Door Realtor: Kimi ParkerTeacher Next Door Loan Officer: Danielle O'Neil
?In my own home!
Teacher Next Door Realtor: Derek VenemaTeacher Next Door Loan Officer: Sheff Brisbin
?Basem was great!
Teacher Next Door Realtor: Teacher Next Door Loan Officer: Basem Jaber
Congratulations Amy and Justin of sunny St. Pete, FL! We are so excited for you! Enjoy your first Christmas in your new home! Special thanks to Teacher Next Door Realtor Cheri Aumond-McLean and Teacher Next Door Loan Officer Sheff Brisbin for your excellent service! For info on GRANTS, down payment assistance and other programs in your area visit www.teachernextdoor.us.
Teacher Next Door's First Time Home Buyers Program allows buyers the unique opportunity to combine GRANTS and down payment assistance with the other programs we have available, including Fannie Mae's HomeReady, Freddie Mac's HomePossible and HomeOne programs. Down payment assistance programs may include state specific programs such as Arizona Home in Five, Georgia Dream, Florida First and others or may include national programs such as Chenoa and Unison, depending on which has the greater benefit. To be eligible, you must be a teacher or school employee, nurse or healthcare worker, law enforcement, firefighter or government employees. For more information CLICK HERE.