Loan Programs For Teachers
2) Teacher Down Payment Assistance Program
- Receive 5% of the loan amount to pay towards your down payment and closing costs!¹
- 30 Year Fixed interest rate mortgage loan
- Down payment assistance is never required to be repaid
3) Good Neighbor Next Door
Up to 50% discount on the sales price of your new home.²
The Good Neighbor Next Door, or GNND, program is sponsored by the U.S. Department of Housing and Urban Development, or just simply HUD. The GNND is designed to encourage teachers, police officers, firefighters, and EMT's to purchase a home in revitalization areas in order to build stronger communities. A substantial incentive is offered by HUD in the form of a 50% discount on the sales price of the home.
The discount is not a loan, and never has to be repaid as long as the buyer lives in the home for at least 36 months. This program is only eligible for Pre-K through 12th grade teachers, law enforcement, and firefighters/EMT's. Teachers must be employed full time at a State accredited public or private school. In addition, the public or private school where they are employed as a teacher must serve students from the area where the home they are purchasing is located in the normal course of business (i.e., a teacher employed by Garland ISD must purchase a home in Garland). Lastly, the home must be designated by HUD to participate in the GNND program. Other restrictions apply.
For more information about the program, including all restrictions and how the program works, visit the HUD Good Neighbor Next Door details page. You may also contact me today to immediately begin discussing if you, or your significant other, qualify for the GNND program.
Must be a certified/licensed teacher at a public school. ¹Must qualify for the program income & credit guidelines provided by the Texas Department of Housing & Community Affairs.²Must live in the home for the full 36-month mandatory occupancy period. If they move out of the Good Neighbor Next Door home before the 36 months, they will have to repay HUD on a prorated schedule. Teachers may participate in the GNND program as a Teacher if they are employed as a full-time teacher by a state-accredited public or private school that provides direct services to students in grades pre-kindergarten through 12. In addition, the public or private school where they are employed as a teacher must serve students from the area where the home they are purchasing is located in the normal course of business (i.e., a teacher employed by certain district must purchase a home in that district’s city/county). Only homes that are designated by HUD to participate in the GNND lottery can qualify for this program.