First-time Home Buyer Drying Up

The $8,000 first-time home buyer credit is going to end soon, but many of the real estate deals for teachers will continue. While we won't be able to take advantage of this credit, it might free up houses for teachers looking to utilize special programs like the Good Neighbor Next Door program. Also, expect prices to to drop after the credit goes away.

Good Neighbor Next Door dying out?

I've noticed a decline in this real estate deal in which teachers (and police officers and firefighters) get a house for 50% of the appraised value. Other blogs have mentioned similar declines in other markets. Is it possible that HUD is quietly letting this program die out? It is a horrible mistake.

Increase your buying power with loan forgiveness

When a mortgage officer calculates a first-time home buyer's buying power. The officer calculates how much buying power based on the buyers current debt load.

Teachers can increase their home buying power by reducing their debt load with student loan forgiveness. Learn about teacher Stafford and Perkins loan forgiveness.

See the difference when a teacher reduces his or her debt level by having a 17,500 Stafford loan forgiven and a 6,000 PLUS loan forgiven.

Good Neighbor Next Door Homes available in Waukegan and Rockford, IL

These homes are available at 50% discount off the mortgage.

Iowa has a home listed for the Good Neighbor Next Door Program

Follow this link to see the home that is available at a 50% discount for teachers.

Will the tax credit continue?

The $8,000 tax credit for first-time home owners helps many more than just teachers, but will it continue in 2010? Many think it will. Realty and home builder lobbies love it, and it could be the sole reason housing prices bottomed this summer. Without it, home prices might start testing new lows.

But time is running out on the credit, and there will likely be a hangover effect on housing prices after the November rush is processed.

Arkansas offers forgiveable loans and rental stipends to teachers

Arkansas offers loans that are forgivable up to %10 of the purchase price of a new home to teachers who agree to teach in specified schools for five years. Those teachers who do not choose to buy can still take advantage of the program through a rental stipend worth $2,000.

Mississippi offers $6,000 for closing costs

Mississippi offers up to $6,000 to help with closing costs on a home purchased in a rural district designated in this program. The state requires that teachers remain in that district for at least 3 years.

Bank of America Offers a Loan to All Teachers

This loan called specialized profession loan is available to teachers, police officers, firefighters and medical personnel. The website does not give specifics on what interest rates or discounts they offer to teachers, but BoA does offer "free" life insurance as part of the package.

South Carolina offers special interest rates and money for down payments

The Palmetto Heroes Program is nearly a year old now. It may be in need of a new infusion of cash, but nevertheless, it is worth monitoring. South Carolina offers teacher help with down payment and, during 2008, offered what was a good rate. New initiatives to lower interest rates now make that special rate less attractive.

If you are looking in the Greenville area, read this post on where to live in Greenville.