"This process was an incredible blessing to my family! Becky is the most knowledgeable, friendly, and extremely helpful person that I have worked with. She graciously held my hand as we walked through the re-finance process, answering EVERY question that I had, whenever I had one. I feel like I can call her right now and just shoot the breeze with her and she would be totally cool with it." Korey CollinsTyrone, GA
"Always there to explain and walk me through the process. Without you guys and the Teacher Next Door Program, I wouldn't have been able to do it!" Leea GallimoreNashville, TN
Read hundreds of new Teacher Next Door Program certified buyer reviews at https://www.teachernextdoor.us/Reviews or REVIEWS
"Sheff, Sandra and the entire team are AMAZING! Our journey was a long one, but never did they never leave our side. Sheff will speak up and protect your interest every step of the way. These guys are kind, knowledgeable, trustworthy, and most of all very responsive. This is the team I recommend to everyone I speak to that wants to buy a home. Thank you for your help in making our dream to come through. I would encourage anyone having a difficult time in their home buying process to hang in there and ask Sheff to tell you the story of the Asuquo's. They are truly God sent."
Shiann AsuquoEast Orange, NJ
Buying a home could be a very overwhelming experience if you do not have the right people on your side. Mrs. McLean's expertise on the home purchasing process definitely alleviated this burden for me and my family. I knew she was going to be the right person to work with from the very first time we viewed a property together. She understood my overwhelming life as a teacher and made accommodations without hesitation to work around my schedule. Mrs. McLean is very knowledgeable and understood what my family needed from the beginning. She always knew what to say when times got difficult and gave a generous part of her commission to help with closing costs! The house she found, it’s the perfect home for us!
Graciela Cruz,Primary TeacherBryan ElementaryPlant City, FL
Teacher Next Door’s stated mission is to increase home ownership, support community development and increase access to affordable housing, free from discrimination. So why is home ownership so important? The following research from multiple sources speak clearly to the importance of home ownership in America:
While it’s true that home ownership will not solve every problem, we are proud to do our part to help families across America realize their dream of becoming homeowners.
Housing GRANTS and down payment assistance is currently available for teachers, school employees, nurses and healthcare workers, law enforcement, firefighters, government employees and military families. For a complete list of available programs you may visit www.teachernextdoor.us/Home.Buying.Programs.APPLY NOW
Research contributed by Garrett Helminski.
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