FHA Home Loan Programs
Watch to see how the Educator Mortgage Program works:
Special programs available to:
Teachers, Faculty, Coaches, Librarians, Nurses, Secretaries, Custodial/Facilities Staff, School/District Leadership, Professors, Adjunct Faculty, Counselors, any ISD/Higher EDU/Private EDU employee.
Discounted Closing Costs1
- Up to $800 in reduced closing costs for you.
- We believe in education and giving back to teachers and the education field.
- Reduce the cost of purchasing a home.
Discounted Real Estate Agent Fees2
- Up to $800 credited from real estate agent fees directly to you.
- We look to work with those in the Real Estate Community who also look to give back.
- Discounted Real Estate Agent Fees + Discounted Closing Costs = up to $1,600 in credits at the closing table for you.
Priority Loan Processing
- Educator Mortgage Program customers take priority.
- Educator Mortgage Program customer loans do not wait in line.
- Faster turn times and loan experience.
Donation To Your School3
- Up to $400 in Donations3 to your preferred school program.
- Pick any program you want (softball team, science lab, teachers lounge, etc.).
- So many programs are underfunded – we are here to help.
Educator Mortgage passes the “Give Back” test.
And we’re just getting started.
So many programs today are underfunded,
and so many educators today need a break.
We are here to help!
FHA Home Loans for Teachers and the Education Field
- Low down payments – as low as 3.5% to purchase a home.
- Credit scores down to 620
- Refinance loan-to-values up to 97.15%
- Down payments can be gifted. Family members and employers may gift up to 100% of the down payment.
- Debt-to-income ratio maximums are more lenient compared to Fannie Mae or Freddie Mac loans.
- Less than perfect credit accepted.
- FHA loans are for primary/owner occupied residences only.
- Government recently lowered the monthly mortgage insurance for FHA loans.
- Bankruptcy rules more lenient than Fannie Mae or Freddie Mac loans. 2 year seasoning for Chapter 7 and 1 year for Chapter 13
- Foreclosure rules more lenient than Fannie Mae or Freddie Mac loans. 3 year waiting period.
- Short Sale rules more lenient than Fannie Mae or Freddie Mac loans. 3 year waiting period.
- Seller concession for purchases allowed for up to 6% of the purchase price.
- There are no income limits for FHA loans.
- FHA to FHA refinances (Streamline) available with no income documentation and no appraisal necessary.