Teacher Next Door
Teachers are one of the only professionals who are entitled to special home buying programs. Along with a few other types of professionals, teachers are eligible participants in the HUD Good Neighbor Next Door program (commonly referred to as the “Teacher Next Door” program.
If a teacher qualifies and wins the opportunity to purchase a home through the Teacher Next Door program they will have the opportunity to secure financing for their home purchase through the FHA with only a $100 down payment requirement.
Teachers who do not wish to buy a home through the HUD GNND program will be happy to know that there are other excellent home financing options available to them. This includes a variety of programs, with the two most popular options being FHA and conventional loans. FHA is the best option for those who want to buy a home with as little down as possible. Even teachers who are first time home buyers may qualify for a home loan with only 3.5% required as a down payment.
Teachers and other educational workers who have good or excellent credit, as well as a substantial down payment available to put down should first consider a conventional loan. This is especially the case for those who can put 20% down or more. By doing so, you will not have to pay any monthly mortgage insurance, and your interest rate and loan terms will likely be far more favorable than a FHA loan.