NEW YORK--(BUSINESS WIRE)--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.