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Teacher Next Door |
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Door Hi! My wife and I are first-time buyers, and I'm also a public high school teacher. I know there are some benefits for first time buyers, but I've heard rumors that additional assistance might be available for teachers. Have you heard anything like this, or could you point me in a direction to find out? |
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What you're looking for is a program called the Teacher Next Door, offered by the Department of Housing and Urban Development. It allows you to buy a house owned by HUD (probably acquired through foreclosure) at 50 percent off listed price. You can get an FHA mortgage with just $100 down and even finance your closing costs. The house must be located in the district where you teach and the plan assumes you will remain there at least three years. You will also sign a second mortgage, with no repayments due on that one for three years. Information is available at 800-569-4287. Search the web for "Teacher Next Door" to find a HUD web site with lots of information or call 800-569-4287 |
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Edith
Originally published on February 13, 2005 |
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