A Guide to Georgia Home Loan Programs for Educators
As a teacher looking for your dream home we know that you want to keep your budget in mind, while also finding the house to call home sweet home. Look no further Georgia teachers, we got you covered! Continue reading to learn about the Top 4 Home Loan Programs for Georgia Teachers!
Read on for our recommendations for the best home mortgage programs for Georgia teachers and other educators.
What are the Best Home Loan Programs for Teachers in Georgia?
Here are 4 Georgia Teacher Home Loan Programs worth checking out:
- LendingTree Teacher Home Loans
- Teacher Next Door
- Georgia Dream
- Educator Mortgage
1.LendingTree Teacher Home Loans
Our top recommended provider of Illinois home mortgages for teachers and other educators is LendingTree, where you can quickly compare up to 5 educator-friendly home loan offers!
The top option for Georgia teachers is Lending Tree. Through this program, you will find plenty of opportunities to personalize a loan program to accommodate your wants and needs. Lending Tree is a company that wants to help make the home buying process a smooth one, and therefore they offer assistance every step of the way. You will feel at ease working with professional, knowledgeable, and attentive employees during one of the biggest purchases of your life!
There are 3 different major loan programs for you to choose from FHA, VA, or Conventional loans. Each of these loan programs has different characteristics to best suit individual needs. If you are a military veteran and will need to finance 80% or more of your home, then the VA loan is a good option for you. FHA loans are another option for those who will need assistance with financing 80% or more of the home price. Conventional loans are more common and follow the guidelines of Fannie Mae and are not a government-insured mortgage. If you don’t know which loan program is right for you, complete their “Free Quote” survey where you can get up to 5 free mortgage loan offers in a matter of minutes! All you need is some basic personal information, your current credit score, down payment amount, cash reserves, household income, and your career history. This can give you an idea of what your interest rates will be and what mortgage program to pursue.
For the most part, when working with Lending Tree in any of their programs you will have the option to pay as little as 3.5% of the home price for a down payment. They also offer very competitive interest rates and terms because of their weekly Mortgage Comparison Shopping Report. When reading through this report you can see the low rates of Lending Tree compared to their competitors, allowing you to rest assured you are making the smartest choice for your pocketbook.
If you think Lending Tree is the choice for you, the process of getting started is easy! All you need to do is complete the questionnaire where you get up to 5 free Home Loan Quotes, and from there Lending Tree will be in contact with you to provide personalized help! No need to worry about any part of the home buying process with Lending Tree!
If looking at any of the other mortgage options for educators that follow, it is highly recommended you take a look at LendingTree first! This will give you the most options. Furthermore, it can help you make an informed decision on which Illinois teacher home loan is best for you! Highly recommended!
2. Teacher Next Door
Another great option for Georgia teachers is the Teacher Next Door Program. This program can be found throughout the United States but is individualized to each state. They are all about being there, right next to you, for every stage of finding and buying your home.
The benefits that you can receive from this program are tremendous! To start there are no application, un-front, or broker fees. To keep the savings coming you can get free appraisals, home buyer representation, access to home listings, and nationwide access to foreclosures! And as if that wasn’t enough, you can also apply for grants up to $4,170 within certain counties in Georgia on top of down payment assistance for up to $10,681!
Teacher Next Door is there for any type of home buyer from the first time home buyers, to those moving to a bigger family home, or even if you are trying to refinance your home! They are determined to help the people in our community, teachers, who continually give back to their community every day! This is extremely apparent in all of their 5-star reviews across many different platforms. Everyone discusses how much money they saved during the smooth home buying process, all because of the caring employees of Teacher Next Door.
Overall, if you are trying to keep your teacher’s salary in mind, but also find the home of your dreams make a connection with Teacher Next Door. You will not be disappointed with having a professional who is there to help you every step of the way!
3. Georgia Dream
Up next we have the Georgia Dream Home Loan Program. The purpose of this program is to help individuals with low to moderate-income become homeowners. Or in other words an amazing opportunity for teachers on a budget to get competitive financing options, assistance for down payments, and education about the home buying process.
The Georgia Dream Homeownership Program is run by the Georgia Department of Community Affairs, and they are all about providing affordable mortgage options to Georgia residents. FHA, VA, and USDA-RD loans are all available through the Georgia Dream, and each one is different to suit different individual needs. These home loans will need to be used to buy a home in a targeted area, so be sure to know what area of Georgia you want to live before entering into the Georgia Dream program.
Eligibility is straight forward, you need to be a first-time home buyer, someone who has bought a home in a targeted area before, or a home buyer who hasn’t owned a home in the past 3 years. They will also check your credit score, and it should be 640 or higher. The last piece of the puzzle to qualify will be your income versus purchase price, and this is just to ensure that you buy a home within your budget.
If this sounds like the program for you, start the process by contacting Georgia Dream’s Participating Lenders, which you can find on their website. These participating lenders will take you through a loan application process and get you prequalified. From there they can help you begin looking for your dream home! While you are searching for that house to call home they encourage you to take a home buyer education class. These educational courses include workshops, one-on-one counseling, and housing counseling classes.
Another great opportunity is the down-payment assistance. When using this you can a 0% interest loan that does not need to be paid off monthly. So basically you get financial help to buy your home, and it isn’t due back until you resell your home!
Overall the Georgia Dream Homeownership Program is perfect for a teacher on a budget who wants to learn more about the home buying process through educational classes.
4. Educator Mortgage
Our final recommendation for a home loan program is Educator Mortgage! That’s right, this is a home loan program built specifically for educators. This program is all about helping teachers buy their homes while also giving back to schools.
There are 3 major options when it comes to using Educator Mortgage and this includes teacher home buying programs, FHA home loans for teachers, and teacher refinancing programs.
The teacher home buying program comes with a variety of savings opportunities. The discounts begin at the very first step in the home buying process, real estate agents. You can get up to $800 credited back to you for any real estate agent fees that pop up during the dream home search. They even offer specific real estate agents within the community that you are looking to buy in, and rest assured that these real estate agents know what they are doing!
Next up you will get priority loan processing so that you don’t have to wait weeks to make a move on that house you’ve been eyeing. Finally, they will give you discounts on your closing costs up to $800. So overall, you can save up to $1,600 just in real estate agent fees and closing costs. There are also many different options of programs for teachers, where you can choose the program that best fits you, and will provide you even more savings.
Besides saving you money, which is important, they also give back to a school and program of your choice. With their $400 donation, there can be a lot done for the school you teach at, or maybe even your child’s school. But this act of kindness really shows that Educator Mortgage is dedicated to giving back to teachers and the communities they teach in.
Explore your Georgia Teacher Home Loan Options Today!
There you have it, 4 of the top 4 home loan programs for teachers in Georgia! We hope that one of these programs is perfect for your individual home buying needs! Good luck finding your dream home and saving a boatload of money with one of these programs!
Again, when searching for your Georgia teacher home loan be sure to compare rates and other benefits. We highly recommend that you start your comparison shopping on LendingTree today HERE.
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