Los Angeles Teacher Mortgage Assistance Program

Conveniently shortened to LATMAP, the Los Angeles Teacher Mortgage Assistance Program has a veritable warehouse of resources and links for teachers who are interested in owning their own home in Los Angeles County. This unique public-private partnership provides some of the best mortgage deals for teachers out there.

NYC give housing support to critical needs-area teachers

Only Mathematics, Science, and Special Education teachers are eligible for this program, but the benefits are huge. To start, teachers receive $5,000 in housing support money in the first few weeks of teaching. The money can be used to cover everything from moving expenses to a down payment on a mortgage. Then, after two years of teaching, there is another $10,000 available.

Texas Classroom Teacher's Association Reports Mortgage Assistance

The assistance comes in the best form–a grant. That means it does not have to be repaid, but it seems that the money is by application only and is first come, first serve. They offer %5 toward closing costs and down payment up to $5,000.

Chicago Public School Teachers Enjoy Special Status with Lenders

Chicago Public Schools has arranged a variety of deals for teachers with different lenders including one that offers 55% off lender fees and another that offers a $4,000 grant for CPS employees. Read more about it here.

Connecticut Offers Special Rates on a 30-year Mortgage

For all of those teachers who spent hours teaching children to spell the state's name, Connect-I-Cut is offering fixed rate 30-year mortgages at a special rate. You can see this week's rate by following this link. It changes every week. The page also has information about down payment assistance.

California's Extra Credit Program Gives Down Payment Help

For teachers who teach in certain schools, the California offers assistance of up to $7,500 for a down payment. Here's the link.

Ohio offers a lower mortgage rate for teachers

The Ohio Housing Finance Agency offers a .25% cut in their lending rate and down payment assistance for teachers, police, and firefighters.

San Francisco Offers $20,000 Loan to Teachers

This program may have fallen victim to the budget crisis in California, but I would expect it to revive. With housing as expensive as it is in San Fran, teachers need this kind of help. The program gives a $20,000 loan that slowly disappears. Even if you move in a year or two, only the principle is due back to the city, making it an interest free loan.

St. Paul Offers $15,000 to Buy a Home

The city of St. Paul, Minnesota is offering a $15,000 loan for teachers to purchase a home within the city limits.

The loan is interest free! And you don't have to pay it back until you sell the home.

Buy a Home for Half-Price

Teachers can buy a home for 50% of the home's appraised value through a program called the Good Neighbor Next Door Program. The Department of Housing and Urban Development offers homes in predetermined areas to teachers, firefighters, police officers, and EMTs before offering them to the general public.

Is there a catch? Yes. The catch is that you have live in the home for three years and students at your school must come from that neighborhood. For this reason it is much easier to qualify for this program (or to find an eligible house) if you teach at a private or a charter school.

At the end of the three years, though, the house is yours. You can turn around and sell it. Even selling it at the original appraisal price would mean a handsome profit.