Teacher Next Door

The Teacher Next Door program was designed to increase homeownership among Teachers, support community development and increase access to affordable housing free from discrimination. The program is intended to eliminate confusion by streamlining the home loan and buying process and by matching the individual with the best program available, based upon the specific needs of Teacher and their family. top

What programs are available? For home purchases, there are many different Federal, state and local programs available to Teachers, including the Federal Good Neighbor Next Door Program, the State Housing Initiative Program (SHIP), Keystone Challenge Fund, USDA Rural Program and other specific programs available through HUD, FHA, VA and Fannie Mae. top

Can my spouse be on the loan if he/she is not a teacher? YES. A spouse may be a joint applicant either as a primary or a secondary borrower. top

Can I use the program to Re-Finance? YES. top

Do you offer a Non-Qualifying Re-Finance? YES. We offer an FHA Streamline refinance. If you refinance from an existing FHA loan to a lower rate, with no cash-out, you may not need to qualify. top

Do you offer a Qualifying Re-Finance? YES. top

How do I know what program(s) I qualify for? A Teacher Next Door representative will help place you in the appropriate program and guide you through the process based upon your individual circumstance including credit, down payment (if any) and the location of property. top

Do I have to be a Teacher? YES. The majority of the programs we have are available to ALL Teachers including the college level. However, one or two of the programs are further limited to Pre-K through 12^th Grade. Not a teacher? CLICK HERE top

Is there an application fee? NO. There is never any application fee. top

Are there any up-front fees? NO. There are never any up-front fees charged by The Teacher Next Door or ANY of our affiliates. However; in many instances, you may need to pay for an appraisal outside of closing. top

Is there a fee for using the Teacher Next Door Program? NO. There is no fee at all for using the program; In fact, Teachers can expect to save money based upon lower fees charged for the various programs we utilize. We also originate loans through nearly every major bank and lender in the United States and receive these loans at a discount, wholesale rate, providing you with the lowest interest rate possible. top

Can I buy with NO Money Down? YES. But there are some restrictions for some of the zero down programs. The most common of which is the area in which the home is located. If a zero down loan is not available, the typical minimum out of pocket expense is approximately three to three and a half percent (3 – 3.5%) of the purchase price. This typically includes down payment and other fees such as insurance, appraisal etc. This may come in the form of a gift or 401(k) disbursement. Your Teacher Next Door Representative can explain additional options. top

Can I put more money down if I choose? YES. You may put down any amount you like. If you put 20% or more down you will typically be able to avoid PMI and you could qualify for a lower interest rate. top

Does T.N.D. contribute towards my down payment? NO. The teacher Next Door utilizes various Government programs and other options available to help Teachers, including negotiating Seller contributions. top

Is T.N.D. a lender? NO. The Teacher Next Door is not a Lender or a Brokerage. TND uses Government sponsored programs for the benifit of teachers. Loans are underwritten through several participating national banks at a discount and all loans packages are prepared and submited through America's Mortgage Broker, LLC. CLICK HERE to view licensing information. top

Are there any income restrictions? Typically NO. Although you must make enough to cover the debts and one or two programs have a maximum income you may earn in order to qualify for assistance. top

Do I have to live in the home for a certain length of time? NO. (Except for one or two down payment assistance programs that require a three or five year commitment.) top

What If I’m a First Time Home Buyer? NO PROBLEM. Many of the programs available include First Time Home Buyers. Although, contrary to popular belief, being a first time home buyer will not entitle you to a lower interest rate because underwriters view first time home buyers as a slightly higher risk. top

Do I HAVE to be a First Time Home Buyer? NO, but you cannot own any other residences. top

What if I own another home? It must be under contract and must close prior to the closing of your new loan. top

What will my interest rate be? Interest rates are posted daily on our home page based upon the National Averages for Fannie Mae Conforming Conventional loans with 20% down. The Teacher Next Door Program will provide you with the lowest possible rate for your loan based upon your individual loan application and loan program. Your interest rate will be adjusted by the underwriting guidelines based upon risk factors, as well as compensating factors. top

What is a risk factor? As with insurance, underwriter guidelines contain upward adjustments to the interest rate based upon risk factors. These may include: low credit score, high loan-to-value, first time home buyer, no rental history, short time on the job, etc. top

What is a compensating factor? Whenever possible, underwriters use compensation factors to counter other risk factors to help keep the rate low. These may include, high credit score, good time on the job, recent college grad, good rental history, large down payment, etc. top

Can I get a high interest loan? NO. All Teacher Next Door loans adhere to Federal FHA or Fannie Mae guidelines. We do not offer sub-prime loans. top

How does the Free Home Buyers Service Work? One of our Licensed Real Estate Associates will work with you to help you find a home in your area. We will also show you the homes and negotiate the purchase contract on your behalf. top

What if I already have a Realtor? NO PROBLEM. We will provide your Realtor with an approval letter and any other relevant details pertaining to your loan. In addition, we will provide both you and your Realtor with an updated loan status DAILY via e-mail. top

If you are a Realtor - CLICK HERE

What is the Next Step?

It’s simple. From the home page, click on “GET STARTED”, fill in your name and school, create your own unique password, then either complete the secure on-line application now, or return to complete it at your leisure. You may also use our site to search the MLS or foreclosure data base or request that one of our Real Estate Agents contact you. top

To speak with a representative now, call

Toll Free 866-565-0358