Understanding Mortgage Loans for Teachers

Mortgage loans for teachers are widely offered by lenders in association with loan programs sponsored by the government. If you are in the teaching field, getting a loan approved is not as hard as you may think.

Loan Programs from State Governments

State governments have their own mortgage loan programs available for teachers who are employed in the public or private sector. These programs help teachers to purchase their dream homes. The Connecticut Housing Finance Authority and the California State Teacher's Retirement Systems are just few examples of government agencies that offer affordable home loan programs that cater to the mortgage financing needs of educators. When filing a loan for your new house, requesting assistance from your local authority is a wise move because lenders are more willing to make a loan guaranteed by the government.

Benefits and Features

Unlike any other conventional home loans, mortgage loan for teachers are easier to apply and are approved quickly. Other advantages you will get from it are:

  •  low or zero down payment
  •  home loan discounts from HUD's home program
  •  lower fixed-rate mortgages
  •  lower monthly payments and longer terms
  •  flexible credit guidelines for individuals with less than perfect credit