Homeownership is a great way for professional educators to invest in the communities they serve. Yet a Redfin study found that only “20.4 percent of all homes for sale across 32 major U.S metro areas were affordable on an average teacher’s salary” in late September 2016. This is down from 34.7 percent in 2012.
But there are still ways to make the dream of homeownership a reality for those in the education field!
The Educator Mortgage Program helps teachers and faculty with the Closing Costs on a new home and provides an opportunity for a school donation!
Check out the program features below and click here for more information!
Do I qualify as an Educator?
We have programs available to Teachers, Faculty, Coaches, Librarians, Nurses, Secretaries, Custodial/Facilities Staff, School/District Leadership, Professors, Adjunct Faculty, Counselors, and any ISD/Higher EDU/ Private EDU employee.
How does it help me?
The Educator Mortgage Program provides up to $800 in reduced closing costs on both purchase and refinance home loans! This discount can be used for any fees or prepaids associated with your new loan.
You will also receive $800 in discounted real estate agent fees! This applies whether you are buying or selling a home! If you’re selling and buying a home, you can receive the discount on both transactions!
How does it help my school?
We know how much your school means to you. We also know how difficult it can be for school programs to receive enough funding. Our customers receive a donation of up to $200 from the Educator Mortgage Program through Supreme Lending and up to $200 from participating real estate agents towards their school program of choice.
What if my credit and savings aren’t great?
We can lend down to a 620 credit score. As for a down payment, you can buy a home with as little as 3.5% down, and that money can be gifted from a family member!
What if I’ve had a bankruptcy, foreclosure, or short sale?
You can still purchase a home even with these things in your past. An FHA loan has a minimum waiting period of two years for a Chapter 7 bankruptcy and 12 months for a Chapter 13.
FHA also has a minimum waiting period of three years after a short sale or foreclosure is complete.
How soon can I get started?
Get started today! We are available 24 hours a day and our branch averages 20 day turn times!
Call 1-855-720-2040 or visit us at www.EducatorMortgage.com to start the process!
2 The Educator Mortgage Program through Supreme Lending entitles the borrower to a closing cost credit equal to .20% of the funded loan amount up to the lesser of $800 or total closing cost amount. The credit applies to all loan products other than Bond Programs, which are not eligible under the Educator Mortgage Program. The lender credit will be reflected on the Closing Disclosure. No part of Lender Credit can apply to or offset down payment. Special incentive program subject to change without notice. This offer not valid with any other incentives or discounts.
3 The Educator Mortgage Program through Supreme Lending entitles the eligible home buyer and/or seller to a credit against real estate fees equal to .20% of the loan amount up to a maximum of $800. Subject to Real Estate Agent participation. Supreme Lending will make best efforts to identify a participating Real Estate Agent but does not guarantee Real Estate Agent participation. In the case of no Real Estate Agent participation the home buyer or seller will not receive the discounted Real Estate Agent fees. See eligibility requirements listed above for qualifying buyer, seller and borrower.
4 The Educator Mortgage Program through Supreme Lending also entitles the borrower to obtain a donation from Supreme Lending to their preferred school program equal to .05% of the loan amount, up to a maximum of $200. The donation is available on all loan products other than Bond Programs which are not eligible under the Educator Mortgage Program. The donation will be made directly to the school.
A participating Real Estate Agent may also make a donation to the borrower’s preferred school program equal to .05% of the loan amount, up to a maximum of $200. Subject to agent participation. Supreme Lending will make efforts to identify a participating Real Estate Agent but does not guarantee Real Estate Agent participation. In the case of no Real Estate Agent participation the home buyer or seller will not be entitled to this donation, but it will not affect the lender credit or lender donation in any way. The donation will be made directly to the school.