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State program
The Texas State Affordable Housing Corporation (TSAHC) operates the Professional Educators Home Loan Program to assist full-time teachers, counselors, librarians, nurses and teacher’s aides who are eligible first-time home buyers.
The program was established following 2003 state legislation that allocated $25 million of the State’s Ceiling for Private Activity Bond Cap each year for the exclusive purpose of making single-family mortgage loans available to Texas professional educators who are first-time homebuyers. The program is an expansion of the Texas Home Loan Program created in the 2001 legislative session.
Through the program, eligible borrowers are able to apply for a 30-year fixed-rate mortgage loan plus closing costs and down payment assistance in an amount equal to 5 percent of the mortgage loan amount (example: $100,000 loan, $5,000 assistance). The assistance is being offered as a grant to the borrower. As additional funds are released through the program, the interest rate may vary based on market conditions.
For further information, visit the Texas State Affordable Housing Corporation online at www.tsahc.org or call the corporation at (512) 477-3555 or (888) 638-3555.
Federal program
The U.S. Department of Housing and Urban Development (HUD) offers the Good Neighbor Next Door Program (formerly the Teacher Next Door (TND) program). The initiative helps teachers and others to buy homes in low and moderate income neighborhoods by selling properties at a 50 percent discount off the list price. Many financing options, including FHA-insured mortgages that require a down payment of $100, make the program even more affordable.
The program is open to any law enforcement officers, firefighters, emergency medical clinicians or state-certified classroom teacher or administrator in grades K-12 who is employed full-time in a public school, private school, or federal, state, county or city educational agency. For more information, contact the HUD office at (800) 225-5342 or visit their Web site.
