A Guide to Pennsylvania Home Loan Programs for Educators
If you’re a teacher of any sort, you know what a challenge it is to save money. Between taking care of your bills, purchasing supplies for your classroom, and saving for emergencies, you probably don’t have much money left! Purchasing a home might be the last thing you think you can afford. If you’re a teacher or educator in Pennsylvania, you’re in luck. There are plenty of home loan programs to help you purchase your first or new home.
Below is a list of recommended Pennsylvania teacher home loan programs. Some of these programs specialize in helping those in the helping professions, such as police officers, paramedics, teachers, and professors. Others offer some of the best advice, interest rates, and low fees to be found, making them good options for budgeting teachers.
What are the Best Home Loan Programs for Teachers in Pennsylvania?
Here are 6 Pennsylvania Teacher Home Loan Programs worth checking out:
- LendingTree Teacher Home Loans
- Teacher Next Door
- USDA Home Loans in Pennsylvania
- Educator Mortgage Program through Supreme Lending
- The Pennsylvania Housing Finance Agency (PHFA)
- First National Bank of Omaha Home Mortgage Program
Our #1 recommended provider of Pennsylvania teacher home loans is LendingTree, where you can easily compare up to five educator-friendly mortgage offers!
You can easily compare offers on home loans and use a mortgage payment calculator to figure out estimated payments. LendingTree also offers other kinds of loans, such as personal loans, auto loans, and student loans. An added benefit of using the LendingTree website is a free credit score check!
Reviewers of LendingTree love how quick and easy it was to receive offers from multiple lenders after answering a few easy questions on the internet. They say the entire process of getting approved for a loan and receiving the money was quick as well.
If looking at any of the other options 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 home loan for teachers is best for you! Highly recommended!
Teacher Next Door gives grants up to $4,170, down payment assistance up to $10,781, and home loans to classroom teachers who work in Pre-K through grade 12. Other benefits are available for non-instructional school employees like administrators and support staff.
Teacher Next Door also offers services through HUD’S Good Neighbor Next Door Program. This program allows teachers to purchase homes in selected revitalization communities via a lottery style bid.
The best part of Teacher Next Door is that there is no credit check, and a Teacher Next Door Program Assistant will guide you through the buying process.
By the way, professors can also take advantage of a similar program just for them, too!
Reviews on Teacher Next Door’s website rave about how friendly and always available the staff is. New homebuyers felt that the staff explained every step of the homebuying process in a way that they could understand.
Also known as the USDA Rural Home Loan Program, these loans are for low to moderate income first time home buyers. They are for 30 year fixed rate mortgages with no money down. Although this program is not exclusively for teachers, most teachers will easily fall into the income requirements. To qualify for these loans in Pennsylvania, a 1-4 member household should make less than $82,700, and a 5-8 member household should make less than $190,150. Adjustments are also made for things like dependents and medical expenses.
Houses purchased under this program must fall within a USDA defined area. They also must not be used for commercial purposes, including farming and other means of agriculture. So, if you want to move to a farmhouse in the country without the work of keeping a farm, this program may be for you!
The USDA loan program is accepted by the PHFA (The Pennsylvania Housing Finance Agency). That means you can receive an assistance loan through the Keystone Government Loan Program, for up to 2 percent of the purchase price, up to $6,000. A combination of the Rural Home Loan Program and the Keystone Government Loan Program creates an affordable option for teachers who don’t have a lot of cash to spend on a first home.
The Educator Mortgage Program through Supreme Lending is available to pretty much anyone who works in a school, including teachers, librarians, secretaries, nurses, and counselors. This program offers up to a $800 credit on your Closing Disclosure and discounted real estate agent fees up to $800. They promise to make loan processing a priority, ensuring that the whole process is quicker and easier for you.
An added benefit of this program is that they will donate up to $400 to your school, up to $200 from the Educator Mortgage Program itself, plus up to $200 from participating real estate agents! You can even specify what department you want the donation to go to. So, if your school gym really needs more sports equipment, or your English department needs new textbooks, that’s where the money will go.
Reviewers of this program rave about the friendliness, efficiency, and professionalism of the staff at Supreme Lending. Several reviewers described top-notch communication via phone, text and email as well.
The Pennsylvania Housing Finance Agency is a nonprofit organization that is sort of a one-stop shop for housing resources in the state of Pennsylvania. They offer programs and administer funds on behalf of the state and federal government.
PHFA offers free homebuyer counseling and education. So, if you’ve never purchased a house before, this might be a good place to start. Counselors assist potential homebuyers in determining whether or not they are ready for a home loan. If a potential buyer has a FICO score below 680, they are required to complete an in-person course. If it is determined that a potential homebuyer is not ready for a loan, a counselor will help them develop a plan to become ready.
PHFA works with a network of lenders and brokers all over Pennsylvania. The organization buys your loan from your lender and you make your mortgage payments directly to PHFA. Loans are for 30 years and have fixed rates.
Some employers, including some small schools and many colleges, participate in PHFA’s Employer Assistant Housing (EAH) Initiative. If you work for a participating employer, you can receive the Keystone Advantage Assistance Loan for up to $8,000 for either closing costs or a down payment. Participating employers include Germantown Friends School, Dickinson College, Drexel University, Temple University, The University of Scranton, University of Pennsylvania, and York College.
The PHFA website is by far the most comprehensive resource for home loans on our list.
If you’re a public school teacher or work in a public school in any capacity, chances are you are a member of the National Education Association, the largest labor union in the United States. One benefit of being an NEA member is the ability to receive a home loan through the First National Bank of Omaha.
First National Bank of Omaha allows you to choose from a range of loan options, including FHA loans and USDA loans. FNBO also offers competitive rates with no application fee, no origination fee, and no processing fee, which saves you an estimated $700.
First National Bank of Omaha supports initiatives related to educational programs, from life skills education to adult basic education. According to their website, FNBO has invested more than $5 million to organizations across seven states.
Explore your Teacher Home Loan Options Today!
Whether you are purchasing your first home, or looking to upgrade, the last thing you want to do is spend unnecessary time or money that could be used elsewhere. Check out some of these home loan programs to make life easier. Save your money for classroom supplies and your energy for your students. Your wallet, and your students, will thank you!
Again, when searching for your teacher home loan be sure to compare rates and other benefits. We highly recommend that you start your comparison shopping on LendingTree today HERE.