What do low mortgage rates mean for teachers?

The Fed recently announced that borrowing rates will remain at record low levels. What does this mean for teachers? It that everyone will continue to get great rates on their mortgages, but that many of the mortgage deals for teachers will be irrelevant or discontinued.

Some real estate deals are even better with low rates. For example, deals that offer interest free loans are still worth the trouble. Interest free always beats low interest. The Good Neighbor Next Door program is now an incredible deal. Teacher who buy now, not only buy a house for 50% off, they also get a good rate on their mortgage.

Search the deals above or browse the deals within to find out more.

Good Neighbor Next Door Sees a Resurgence

I posted a while ago that I was worried that the GNND program from HUD that gives teachers, firefighters, and police officers the opportunity to buy homes at a 50% discount was drying up. At that time, while the market was flooded with foreclosures, I saw only 3 come to market in 8 months in the Twin Cities market. Recently, however, I have seen a resurgence. There have been nearly a dozen in the last two months. Perhaps HUD was waiting for the market to bottom out before putting more GNND houses out there.

As Homebuyer's Tax Credit Ends, Mortgage Help for Teachers Becomes More Important

The new homebuyer's tax credit will end soon. It doesn't look like Congress has the wherewithal to renew it a second time. While this means that people will be missing out on the $8,000 tax credit, it means that home prices might dip again on the other side of April as there is a lull in buying following the rush of last minute buyers.

Once the tax credit disappears, it will become easier and more important to take advantage of deals listed on this site that are especially geared toward teachers.

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.