Testimonials
Mortgage Programs
FHA Loans
The Federal Housing Administration. We work directly with FHA to ensure educators get the best loan possible. An FHA refinance mortgage or FHA loan allows for the refinance or purchase of a home with a low down payment. Currently FHA requires only 3.5% down payment for home buyers. These loans are great for the first-time home buyer. FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so we can offer educators a federally backed loan with a low fixed rate. The FHA loan guidelines are more relaxed than conventional loan guidelines; this includes less strict regulations about past bankruptcies and/or foreclosures, job requirements, use of alternative credit, and debt-to-income ratios.
Conventional Loan
A mortgage conventional loan is a lender agreement that's not guaranteed or insured by the federal government under the Veterans Administration (VA), the Federal Housing Administration (FHA), or the Rural Housing Service (RHS) of the U.S. Department of Agriculture. Although a conventional loan is not insured or guaranteed by the government, it can still follow the guidelines of government sponsored enterprises (GSE's) such as Fannie Mae or Freddie Mac as both Fannie Mae and Freddie Mac are stockholder-owned corporations and are not part of the federal government. These loans require a larger down payment, however monthly mortgage insurance is not generally required.
USDA
A great 0% down option. A USDA Guaranteed Loan is Government insured 100% purchase loan. These Loans are only offered in rural areas and serviced by direct lenders that meet federal guidelines. Under the terms of the program, an individual or family may borrow up to 100% of the appraised value of the home, which eliminates the need for a down payment. Since a common barrier to owning a home for many people is the lack of funds to make a down payment, the availability of the USDA loan makes the reality of owning a home available to a much larger percentage of educators.
VA
Another great 0% down option. The VA Loan became known in 1944 through the original Servicemen's Readjustment Act also known as the GI Bill of Rights. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans. The GI Bill contributed more than any other program in history to the welfare of veterans and their families, and to the growth of the nation's economy. With more than 25.5 million veterans and service personnel eligible for VA financing, this loan is attractive and has many advantages. Eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime.
Home Path
This is an excellent option for educators seeking a low down payment option without paying monthly mortgage insurance! This program is available for the purchase of Fannie Mae owned homes. The Home Path benefits include low down payment options, flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only) and you may qualify even if your credit is less than perfect. This program is also available to both owner occupiers and investors, down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization. Major highlights for the Home Path program include no mortgage insurance and no appraisal fees.
Making Home Affordable
We're happy to say the Teacher Home Advantage works directly with this program. The Obama Administration's Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure. In short, this program allows homeowners the chance to lower their current mortgage payments even if they're upside down in their home.
Teacher Next Door
Pre-Kindergarten through 12th grade teachers can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence. Please call or email us for more details regarding this program.