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Are there loan options for public school teachers

I have enough for 7% down but I'm concerned with closing costs or maybe lower interest rates for teachers. Just seeing what's available since I'd like to get prequaled soon I want to start looking for a property by allisree8652121 from Pocatello, Idaho. Dec 19th 2014 Reply


Ken Dunn (loanman)
#19 ranked lender in Idaho - 40 contributions

Hello Allli, rates are low and closing cost can be paid by a seller consesion or with by the lender with a slightly higher interest rate. Mos of the time all I need from the borrower is 3.5% down if you write the purchase offer correctly.I also have a program for 99.5%CLTV in Idaho thats .5% down.. Keep your money in the bank if you want to have the security of reserves and leverage their money.Call me 208-250-5214

Dec 19th 2014
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Justin Fullmer (jfullmer@cmgfi.com)
#10 ranked lender in Idaho - 1 contribution

There are loan programs for teachers to only put down 3.5% and have the closing costs be paid by the seller of the property you are trying to purchase. You can also purchase a house with a down payment assistance program where you would only have to contribute .5% towards the transaction. If you are trying to hold onto as much cash as possibloe, I'd suggest looking into the down payment assiatnce loan. Don't hesitate to shoot me a call if you have any other questions. -Justin Fullmer 208-841-2809

Dec 19th 2014
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The replies seem to indicate that the teacher programs are probably not as good as I could get, is that right? If not the FHA teacher program would just putting all my cash down get me a good monthly rate? That's what I care about most - not carrying a heavy monthly payment if I can help it!! Thanks all for your patience

Dec 19th 2014
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Jessika Ondrick (jondrick)
#8 ranked lender in Idaho - 11 contributions

Good morning - There are several programs that only require 5%, 3.5% and 3% down where you can have the seller of the property - pay some or ALL of your closing costs if negotiated by your Realtor upfront. Feel free to call me at 208-957-7300 (office) or 208-870-7448 (cell) if you are interested in speaking further or to simply pre-qualify. It's easy and painless. :) Interest rates are still low and are typically based on credit scores. I don't have a program that gives teachers lower rates BUT our rates are very competitive and I love helping teachers. Happy Friday.

Dec 19th 2014
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Pete Bass (PeteBass)
#30 ranked lender in Connecticut - 476 contributions

You have lots of options, from 3% Conventional Down Payment to 3.5% Down Payment for a FHA loan. I would be happy to assist you- e-mail me at pete.bass@everbank.com. Look forward to hearing from you!

Dec 19th 2014
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Mark Rodeghiero (markr@3rates.com)
#34 ranked lender in Idaho - 15 contributions

Hi there,Yes there is. It is called "The Teacher Next Door." it allow for eligible homes to be purchase with only $100 down when using an FHA Loan (I am not necessarily recomending you go FHA however). By the board comments you can probably see you have many options. Additionally,teachers and firefighters can purchase certain homes for up to 50% off. I put a link to read more about it. http://3rates.com/goodneighbor/ . Here to help w if needed. 208-493-2925

Dec 19th 2014
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Pete Bass (PeteBass)
#30 ranked lender in Connecticut - 476 contributions

To better assess your situation, and your strategy towards home ownership, yourloan officer of choice needs to do a income/credit/asset analysis. The analysis will direct you as to which option best fits your needs. Different loans require differentparameters to qualify. The key is to build the right strategy for you and your home purchase. You can e-mail me at pete.bass@everbank.com with any questions.

Dec 19th 2014
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

The best news is, the teacher next door program allows you to buy some properties at 50% of the market value.

Dec 19th 2014
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Mark Rodeghiero (markr@3rates.com)
#34 ranked lender in Idaho - 15 contributions

You are correct about going a different route than FHA if possible. The majority of the comments focus around Idaho Housing Finance Association (IHFA) programs that allow for little or no out of pocket. If you can contribute the 5% your rate will be great, and you may qualify for a lower mortgage insurance program through a "my community" loan. A quick verbal discussion with a mortgage professional will really flush out what your best option is and will save you a TON of time and it is free to inquire. www.3rates.com 208-473-2925

Dec 19th 2014
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Chris Neuswanger (mtnmortgageguy)
#93 ranked lender in Colorado - 92 contributions

You would likely be well served by what is called a my community mortgage (which has lower mortgage insurance costs and max income limits, but your loan officer can do a complete income/credit analysis and show you the options. If you are in Colorado give me a call at 970-748-0342

Dec 19th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

A good loan officer will evaluate your qualifications and help you decide which options are best for you. A "teacher" loan may be a good option but it depends on the details of your application, sometimes they are not as good as other loans available to you. 7% down is more than enough to work with as long as you have decent credit and not too much debt for what you want to borrow.

Dec 20th 2014
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Timothy Howard (timehoward)
#70 ranked lender in Utah - 154 contributions

You might want to look at an idaho housing loan with no money down, also there are conventional loans with only 3% down. This type of loan will have private mortgage insurance, but this can be paid at closing to avoid the pmi.www.yourmortgageguy.us give me a call! We can walk through this!

Dec 21st 2014
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Although FHA has special teachers program where you can purchase a home for half it's value, these homes are typically in the worst of neighborhoods, need lots of repairs, and the special is only available on those specific homes.. Also,very few folks who might qualify for these property rarely ever buy them.. your better off just going conventional with 3 to 5% down and have your RE agent ask the seller to pay your costs.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Dec 22nd 2014
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Michael Patterson (MichaelPatterson)
#52 ranked lender in Washington - 73 contributions

In addition to Fannie Mae special programs available, there are also grant funds available for Down Payment Assistance. These are funds that are forgiven at closing and don't need to be repaid. This can be applied at either 3 or 5% of your first mortgage loan amount... and applied towards your down payment, closing costs or both. This program is available in various states now. The MyCommunity Mortgage program does offer lower mortgage insurance premiums, which can help your monthly payment quite a bit. Your question is a bit broad in scope, as determining if FHA is the best way to go, or Conventional... or even USDA in some areas... there are pros and cons to each program, and a good loan officer will help you decide on what option gives you the best solution for your needs.

Dec 22nd 2014
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