Home is Possible for Teachers
Recently I was touring homes with my friend Emily, a 5th grade teacher and Harry Potter enthusiast, one question she had was, "Are there any programs to help teachers buy a home?" Yes, there sure is!!! Not enough people are talking about this. According to mortgage expert Max Prosky, a Mortgage Sales Supervisor with US Bank, let me give you the deets!
Homes for Teachers is part of the Home is Possible program. It provides down payment or closing cost assistance for teachers. As a teacher myself, I know the struggles of a teacher's salary. Every little bit of help we can get makes a huge difference!
KEY BENEFITS:
$7500 down payment assistance/closing cost
Forgivable after 5 years
30 Year Fixed Rate Loan FHA, VA
REQUIREMENTS:
$160K household income
640 minimum credit score
50% maximum debt to income ratio
Can't own any other property
K-12 full time teacher
Home price below $776,550
