FHA Teacher Next Door Program – Home Purchase Program For Teachers
The Teacher Next Door Program initial offers foreclosed homes regained by the FHA. These include single family homes, the TND program comes with these benefits:
- 50% discount on FHA appraised value
- Just $100 downpayment required
Homes in the TND program are usually located in FHA designated revitalization zones. These zones are most times in low to moderate income areas with vacant property and many times above average crime rates. To quality a revitalization zone is also considered a good candidate for economic development and improvement.
The $100 down payment requirement only applies where the home is bought with an FHA insured mortgage. Here are some requirements teachers must meet to qualify in the TND:
- Teacher must reside in the home as a primary residence for three years after purchase
- Qualified teachers include those employed full time by an educational institution considered as public, private, federal, state, county, or municipal. TND requires teachers to be certified by the state in grades K to 12.
Teachers need a pre-approved FHA loan (Texas FHA loan if residing in texas) and have a letter of commitment for an approved facility. On acceptance buyers have 48hrs to make the down payment, deposit and continue the approval process.
Learn about Texas FHA loan programs.
