Last Updated on May 5, 2022 by Luke Feldbrugge
It’s teacher appreciation week and at Home for Heroes, we believe that the best way to show teachers our appreciation for the service they give is by helping them accomplish the goal of homeownership! Teachers seeking help buying a home can find some helpful programs here to assist with home purchase costs.
Some Current Challenges Faced by Teachers
Did you know that teachers looking to live close to their schools face challenges tied to the current hot housing market? High home prices and few homes for sale have made it incredibly difficult for teachers to be competitive.
What’s more, the Brookings Institution highlights in this report how teachers’ pay has not kept up with the cost of living, making it significantly difficult for teachers to live close to where they teach. Teachers’ pay is also out of line with that of other professionals. According to the nonprofit think tank, the Economic Policy Institute, teachers earn 11.1 percent less than other workers with comparable education and experience. Nationally, the average starting salary is $41,770, per NEA’s Teacher Salary Benchmark Report.
In this highly competitive market, it is more important than ever to guide teachers to the resources available that help them be more competitive and successful in their quest for homeownership.
Teacher Home Buying Programs Offer Assistance
A couple of home buying programs assist teachers specifically. Some teacher home loans offer better deals for educators, usually lower fees or down payment and closing cost assistance.
Homes for Heroes Teacher Savings
At Home for Heroes, we can help all teachers (pre-K to post-secondary) save an average of $2,400 when they buy or sell a home. When teachers work with our real estate specialist, they save 0.7 percent (or $700 on every $100,000) of the purchase price. After using our local real estate specialist to close on a house, Homes for Heroes sends you a check so you may purchase what you need for your new home.
When teachers work with our local mortgage specialist they can save an average of $500 on lender fees. In addition, teachers can save an average of $150 on title fees and $50 on a home inspection when they work with our local specialists.
Good Neighbor Next Door HUD Program
Teachers (pre-K through 12) seeking help buying a home also have access to the US Department of Housing and Urban Development’s (HUD’s) Good Neighbor Next Door program. The program offers up to 50% off the list price on a particular dwelling, so long as the buyer promises to use it as their primary residence for at least 36 months. However, single-family homes eligible for this program are typically located in targeted revitalization neighborhoods, as defined by HUD.
HUD creates this 50 percent discount by taking out a silent second mortgage to cover half the home price. You’ll be responsible for paying the other half. HUD’s silent lien goes away after you’ve occupied the home for three years, satisfying the program’s primary residence requirement. Good Neighbor Next Door is also available to law enforcement officers, firefighters, and EMTs.
The Best Part – You Can Use These Two Programs Together!
That’s right! If you qualify for a HUD home and take advantage of their program, you can still take advantage of the savings provided by Homes for Heroes and our local specialists. That’s the best part of working with Homes for Heroes, you just need to have worked in education at some point in your career to qualify. Whether it’s your current occupation, or you’re retired from teaching, you still qualify for the Homes for Heroes savings.
Talk to a Homes for Heroes Specialist – There’s No Obligation
If you’re a teacher thinking about moving and want a new home, consider speaking with our specialists in your area. Let them answer any questions you have so you can better understand how they can help you with your next home purchase and save you significant money in the process. Simply sign up today and we will alert our local specialist to follow up with you.
Thank you for your services in educating our citizens. It would be an honor to serve you.