Teacher Next Door Announces New Down Payment Assistance Program for New York Teachers: Empowering Educators Towards Homeownership
17 July 2024 - 12:00AM
Business Wire
Exclusive Grants and Down Payment Assistance for New York
Teachers
Key Takeaways:
- Generous Grants and Assistance: Grants up to $8,000 and
down payment assistance up to $15,000 available for New York
teachers.
- 0% Down Purchase Program: Receive a 3% loan up to
$15,000 with no monthly payments and no interest accrual on the
second lien.
- Comprehensive Benefits: No application fees, dedicated
buyers agents, free appraisals, free access to home listings, and
discounted title fees.
- Real Success Stories: Positive testimonials from
teachers who have successfully used the program to purchase their
homes.
- Vision for the Future: Emphasis on the importance of
homeownership for educators, supported by Teacher Next Door's
comprehensive programs.
In an exciting new development, New York teachers now have
access to a down payment assistance program designed to make
homeownership more attainable. Offered through the Teacher Next
Door program, this initiative provides substantial financial
support to educators, ensuring they can achieve their dream of
owning a home without the burden of unmanageable costs.
Generous Grants and Assistance
The Teacher Next Door program offers grants of up to $8,000.
These grants can be used for closing costs and allowable
pre-closing expenses, and the best part is, they never have to be
repaid. In addition to this, the program provides down payment
assistance of up to $15,000. This financial support is crucial in
helping underserved borrowers, particularly teachers, achieve
homeownership with ease.
One of the standout features of this program is the 0% Down
Purchase option. This down payment assistance program allows
borrowers to receive a 3% loan up to $15,000. The second lien,
which does not accrue interest and has no required monthly payment,
is due in full only upon the refinance of the first lien or when
the loan is paid off. This structure provides significant relief
and flexibility for new homeowners.
Benefits of the Teacher Next Door Program
The Teacher Next Door program offers a range of additional
benefits to further support teachers in their homebuying
journey:
- Purchase ANY home on the market: Teachers can choose
from any available home, providing them with a wide range of
options to find their perfect fit.
- No application fees: Eliminating these fees makes the
process more accessible and affordable.
- Dedicated Buyers Agent: Each teacher is paired with a
dedicated buyer’s agent to guide them through every step of the
homebuying process.
- Free appraisal: Up to $545.00 credit at closing for a
free appraisal, reducing the upfront costs.
- Free access to home listings: Teachers can browse home
listings without any charges, simplifying their search.
- Discount title fees: Reduced title fees further lower
the overall cost of purchasing a home.
Combining Resources
Teacher Next Door is the largest national home buying program in
the United States, and not a lender. This allows them the ability
to bring together a myriad of different resources, including
several different grant and down payment assistance programs,
combined with agents, title companies, and other resources.
Real Success Stories
The impact of the Teacher Next Door program is evident in the
stories of those who have benefited from it. Ross and Shellie Jeske
shared their heartfelt gratitude, stating, "We couldn't have been
more impressed and thrilled with the work each of you carried out
on our behalf. We appreciated your willingness to answer any of our
questions and to be reachable at the various hours of the day to
put our minds at ease during times of stress. Thank you, thank you,
thank you!"
Similarly, Sarah and Matthew Brady expressed their satisfaction,
saying, "We found the perfect home for us just in time for the
school year to begin. We were able to close quickly, and the grant
money definitely helped us get into our home without spending more
than we could afford."
A Vision for the Future
Steve Parks, the National Director of Teacher Next Door,
emphasizes the importance of homeownership for educators:
"Homeownership is a cornerstone of a brighter future. At Teacher
Next Door, we are proud to offer the resources and support
necessary for teachers to build that future for themselves and
their families through our comprehensive homeownership programs,
including the exciting new $15,000 down payment assistance program
available in New York."
For more details about the program and to see how it can benefit
you, visit Teacher Next Door.
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version on businesswire.com: https://www.businesswire.com/news/home/20240716519549/en/
Teacher Next Door Steve Parks, National Director
(800) 989-3550x300 steve@teachernextdoor.us