Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
Mortgage loans for teachers are the same mortgage loans available for police officers, firefighters, municipal workers, office workers and people in any other profession. There is no special mortgage loan designed specifically for teachers. A mortgage loan is used to finance the purchase of a home and has its own terms, conditions, rates and payment schedule. A teacher who applies for a home mortgage loan should be careful not to be lured by a promise for a special “mortgage loan for teachers” when such a loan product does not exist.
Incentives for Teachers
Teachers may be provided extra incentives for a mortgage loan, like police officers who live in certain neighborhoods or areas of a city. In this case, being a teacher helps lower loan costs or negotiate a better loan rate. HUD has a special program called the "Teacher Next Door" program. The basics of the program are that the teacher should purchase a home in the community where they teach. The hope is that the teacher will solidify the neighborhood and improve the community. Teachers are given lower down payments and can purchase homes in targeted areas at very low costs. If you are a teacher looking to buy a home, consider talking to your lender about the "Teacher Next Door" program and see if you can qualify.
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Second Mortgages: Advantages and Disadvantages
- FHA Loans for a First-Time Home Buyer
- Alternatives to Getting a 2nd Mortgage
- Appraisal Basics
- FHA Eligibility with Bankruptcy and Foreclosure
- How to Get Approved for an FHA Loan despite Bad Credit
- Low Down Payment Loan Qualification
- 3 Common Short Sale Mistakes