A Guide to Texas Home Loan Programs for Educators
So, you are a teacher looking for a home in the great state of Texas! Well, don’t worry you have come to the right place to ensure that your home loan rate isn’t big like everything else in Texas!!
Continue reading to learn about our recommended home loan programs for teachers in Texas.
What are the Best Home Loan Programs for Teachers in Texas?
Here are 4 Texas Teacher Home Loan Programs worth considering:
- LendingTree Teacher Home Loans
- Teacher Next Door
- Educator Mortgage
Our top recommended provider of Texas home mortgages for teachers and other educators is LendingTree, where you can quickly compare up to 5 educator-friendly home loan offers!
One of the first great offers from Lending Tree is that they can get you 5 free mortgage loan offers in a matter of minutes! You don’t have to worry about having strings attached or paying for these quotes, it will just give you peace of mind about what you can afford and around what your rates will be.
When it comes to loan programs for homes, there are FHA, VA, or Conventional loans. The FHA loan is perfect for someone who will have a small down payment and need to finance 80% or more of the homes appraised value. VA Mortgages are available to any veteran who would also need to finance a larger portion (80% or more) of their future home. A conventional loan is just that, a loan that will follow Fannie Mae guidelines, and is not government-insured. Overall, through any of the loan programs, you can have a down payment that is as little as 3.5%.
LendingTree is all about saving their customers money and being transparent. Every week they run a Mortgage Comparison Shopping Report where they compare home-buyers and their interest rates. With this information, you can make an informed decision if the numbers presented are right for you.
If you are interested, qualifying for a loan is easy through Lending Tree. You start the process by getting your Free Quotes by filling out a simple questionnaire so that they can get an accurate depiction of what you are looking for. When filling out this information you will need to have the following handy: current credit score, down payment amount, cash reserves, household income, and your job history. Besides this information, they will ask you about your home buying process so far so that they can offer or recommend help to you in your area.
Overall, LendingTree is a company that cares about you personally and wants to ensure that your home buying process goes as smooth as possible, with a low-interest rate of course!
Up next is The Homes for Texas Heroes Home Loan Program, and who wouldn’t want to take advantage of a program that finally describes teachers for who they really are, Heroes! This program is specific to those in the educational field including teachers, teacher aides, school counselors, school librarians, school nurses, and most other staff that work in a K-12 public school in Texas.
The benefits that come along with this program are amazing. To begin, there are many home loan options available with the 30-year fixed-rate interest mortgage. With these loans, you will have several rate options depending on your personal and financial background. Besides amazing interest rates, you can also take advantage of their Down Payment Assistance grants, which never needs to be repaid! For the Down Payment Assistant grants, you can receive up to 6% of your loan amount to be used as a down payment.
To make things even sweeter, if you are a first-time home-buyer you can get your hands on a Mortgage Credit Certificate! With this MCC you can sleep easy at night knowing that the federal income taxes that you would have paid on your home will be much lower! This is because an MCC is a tax credit for your mortgage interest, which in turn will reduce your yearly payments for your federal income taxes! When using their website you can even calculate your savings by entering your home loan amount, interest rate, and loan term length!
Both of these programs are available throughout the state of Texas with a variety of lenders, so the options are limitless! There are some income limits based on specific counties, but there are found in specific targeted areas, so just be sure to look into this before falling in love with a home.
Basically, TSAHC is a program that understands teachers are some of the most positive influences within a community and therefore they deserve the best home buying experience!
When becoming a member of the Teacher Next Door family you are gaining an ally for your home buying experience. From the home search to inspections, to the closing paperwork they will provide you with guidance and confidence in your home buying process.
Benefits are endless with this home loan program. You will never see an application, up-front, or broker fee, and you can also get free benefits such as appraisals, home buyer representation, and access to home listings, and nationwide access to foreclosures. Besides personal assistance in the finding and buying process, you also can gain monetary benefits from The Teacher Next Door program. In certain regions of Texas, there are grants that are available for up to $4,170 to apply toward the purchase of your dream home. You can also take advantage of the Down Payment assistance, which again is based on region, but some regions will offer up to $10,681!
Now all of these numbers sound great, but how do real people who have enrolled in this program feel? Well, their 5-star glowing reviews tell it all! These teachers can’t stop raving about how appreciative they are of the help the received every step of the way during the home buying process. They also loved the fact that they could get the home of their dreams on their teacher salary!
This program is designed to help just about anyone who is involved in the education process. This includes teachers, coaches, librarians, nurses, custodians, professors, counselors, and other educational faculty.
Monetary benefits are the most appealing characteristic of this program. You can save up to $800 in Realtor frees! ou can also save up to another $800 on closing costs. So far you can already save $1,600.
As you begin your search for that perfect home you don’t have to worry about waiting for an extended period of time once you found the one. With the Educator Mortgage program, you can have a reduced wait time for the processing of your loan because you are considered a priority!
When you start thinking about a down-payment you don’t have to worry too much about your financial background. As long as your credit score is above 620 and your debit-income ratio isn’t too high, you can qualify for a down payment as small as 3.5% of the purchase price.
Last, but certainly not least, Educator Mortgage is committed to giving back to teachers who join this home loan program. They do this by giving up to a $400 donation to the school of your choice, and a specific program of your choice.
Explore your Texas Teacher Home Loan Options Today!
Hopefully, you have become more informed of all the money-saving opportunities you have as a Texas Teacher looking to buy your dream home! Keep all of these programs in mind as you move forward in the purchase of the perfect home!
Again, when searching for your Texas teacher home loan be sure to compare rates and other benefits. We highly recommend that you start your comparison shopping on LendingTree today HERE.