So, you are in the market for buying a home but you are a busy teacher and have no idea where to begin. Start with the Teacher Next Door National Home Buying Program! Continue reading on for our Teacher Next Door Review. Learn how to qualify, the incredible benefits, how to apply, and hear what actual Teacher Next Door members are saying about the program!
What is the Teacher Next Door Program?
Teachers are hardworking individuals that are shaping the future of our society through the education of our youth. The Teacher Next Door program is there to aid teachers in the process of buying a home on a teacher’s salary.
This program is meant to take the confusion and time-consuming research out of the home buying process because we all know teachers don’t have any extra time! When you decide to take the leap and join the Teacher Next Door program you will be assigned an agent who will help you every step of the way. They will first start by figuring out which of the many available programs would work best for you, such as HUD Good Neighbor, State Housing Initiative Programs, USDA Rural Program, and many more! Beyond the program selection, your agent will help you find the house that you can turn into your home. After you find your humble abode the agent will help you with the negotiations, purchase, financing, and closing processes. Basically, you will have a reliable and efficient sidekick in your home buying process thanks to Teacher Next Door.
Overall this is a private licensed Real Estate Brokerage that works with the U.S. Department of Housing and Urban Development to aid teachers in the purchase of houses. Their main goal is to be of service during the tedious and sometimes difficult process of finding your dream home!
How can YOU qualify?
The first qualification, you must be a teacher or one of the many other public service professions accepted (Firefighters, Police Officers, Medical Professionals, Nurses, Government Workers, etc.).
From there you will talk with a Teacher Next Door Loan Officer that will help to determine which loan program is right for you. Your qualifications for each individual loan program will differ, but for the most part, they will be looking at the location of the property in which you want to buy your house, if you will have a down payment (some of the loan programs do NOT require a down payment), and your current credit score. It is important to note that your credit will not be run until the mortgage application stage, so don’t worry about those hard hits! Do be aware that there isn’t a restriction when it comes to income, but the agents and loan officers that work through Teacher Next Door will work to ensure that you earn enough to cover monthly mortgage payments.
One of the possible loan programs that you can qualify for is the First Time Home Buyers Program, in which, if you are a first time home buyer you can receive grants and down payment assistance from a variety of loan servicing companies!
Another program option for non-first time home buyers is refinancing programs. Through these programs, you can qualify for excellent terms and rates or they can help you recover if your current mortgage is underwater.
Remember, Teacher Next Door is all about accommodation. So reach out and they will find the right loan program to fit your needs and circumstances!
Show me the money!
When it comes to loans there isn’t necessarily a minimum or maximum loan amount. However, it is encouraged to stay between $10,000 and $417,000. These numbers are based upon Teacher Next Door’s preferred lenders. That said, many of the lenders can be flexible based on individual needs and characteristics of the loan you are going to receive.
Teacher Next Door also offers Teacher Housing Grants that can be as much as $6,000! The amount of the grant is based upon the state and location in which you will be purchasing your house. Keep this in mind during your house hunting! For most states, all it takes to qualify for a Teacher Housing Grant is that you are a Pre-K thru 12th-grade teacher, school staff, or administrator.
The application process is quite painless as it only requires your basic personal information, a co-applicants personal information (if you have one), and finally some questions about your housing needs. Oh, and the best part about these grants? They never need to be paid back! Use this extra money you saved to put a new coat of paint in the living room, buy a new couch or desk, or let your inner teacher buy some new alternative seating for your classroom!
Down Payment Assistance is another benefit that could be added as a member of the Teacher Next Door Program! On top of the possible Teacher Housing Grant, you can also receive up to $10,681 for your down payment. This number can vary depending upon the loan program that fits your needs, but usually, there is some form of repayment options for this down-payment assistance.
Now on top of all the money, you could be saving through the amazing, personalized loan program, grants, and down payment assistance, you will also gain many more benefits. For example, you will not have to pay application, up-front, or Broker fees! You can have a FREE home appraisal, that is reimbursed as a credit during the closing process of up to $545. You will also have access to FREE MLS home listings and nationwide foreclosures. It doesn’t end there! You will also qualify for title fees at a discounted rate. Another perk is that you can join the Fresh Start credit repair program if necessary.
Overall the savings possibilities are limitless through the Teacher Next Door Program! Take the leap and get into contact with one of their Agents or Loan Officers today! Your dream home, that perfectly fits your tight teacher budget, is right around the corner!
How to Apply
So you have decided that today is the day, you are going to save as much money as possible by using the Teacher Next Door program to find and purchase your house, here is how you apply:
1. Visit their website: https://www.teachernextdoor.us/Teachers
2. Click on “Apply Now”. On the next page, you will receive information about the fact that your credit will not be checked during the Pre-Application or Application process.
3. Complete the Pre-Application. You will need the following information to complete the online questionnaire: Buyer Personal Information, Co-Applicant Personal Information (if you will have a Co-Applicant), Buyers Employment, Co-Buyer Employment, Housing Needs, and a Teacher Next Door Realtor (if you have one).
4. Once you submit your Pre-Application a Program Specialist will contact you in the next 24 to 28 hours. When they contact you they will review the information that you provided and help to answer any questions you have.
Teacher Next Door Review – What Are People Saying?
The reviews of Teacher Next Door are overwhelmingly positive. From multiple different resources, including their website, new sources, and Facebook they have an overall 5-star review. If any reviewers said there was a negative it would be the fact that many of the loan program homes with the most savings involved are located within very specific regions.
Otherwise, all of the reviews are raving about the ease of the home buying process thanks to Teacher Next Door. Many of the reviews discuss individual employees within the vast network of Teacher Next Door employees. This really speaks to the bonds that they form with their clients. There are many first-hand experiences of clients contacting their Program Specialist, Agent, or Loan officer at all hours of the day and night with rapid and thoughtful responses. This really speaks to the program’s commitment and dedication to helping teachers and their families find a place to call home.
Also, as teachers, many write about the fact that the process was explained to them in a way that makes sense. That and how it allowed them to play an active role in the purchase of their house.
Many of the reviews speak highly of the Realtors associated with Teacher Next Door. Reviewers say that the Realtors were very upfront about the costs of homes while also working diligently to find a place that included everything the client wanted and needed.
Finally, many of the teachers talk about how thankful they are for the financial support they were given because of this program. It is a well-known fact that teachers are overworked and underpaid, but the Teacher Next Door Program and all of their employees are here to try to help teachers bridge that gap and get into the home they deserve!
Conclusion – Don’t Forget to Comparison Shop!
Overall, if you are in the market to buy a house, make sure you get into contact with Teacher Next Door! At a minimum, you will have a positive experience working with their dedicated employees. Hopefully you will qualify for a home loan at a low-interest rate, with great terms. Don’t forget about the grants and down-payment assistance as well!
Again, we cannot overstate the importance of comparison shopping whenever you are considering a home loan. We highly recommend that you start your home mortgage search by taking a look at LendingTree first. With LendingTree, you will be able to get quotes from up to 5 teacher-friendly loan providers. Knowledge is power, and when looking at what Teacher Next Door has to offer it will be good to have a side-by-side comparison with Lending Tree.
Good luck with your home search and buying process!