The following was included in TCTA's 2014-15 Survival Guide, the ultimate reference tool for Texas educators, and is current as of summer 2014 but is subject to change.
Mortgage Credit Certificate Program
The Mortgage Credit Certificate (MCC) program is a tax credit that reduces tax liability. This reduction increases the amount of disposable income available to purchase a home. To qualify, homebuyers must meet program requirements, including income and home purchase price limits.
Professional educators are among those eligible for the program. This includes full-time classroom teachers, teacher aides, school librarians, school nurses and school counselors employed by Texas public school districts.
Homes for Texas Heroes and Home Sweet Texas Home Loan Programs
The Texas State Affordable Housing Corporation (TSAHC) operates the Homes for Texas Heroes and Home Sweet Texas Home Loan Programs, which assist full-time teachers, counselors, librarians, nurses and teacher aides.
Eligible homebuyers (both current homeowners and first-time buyers) may qualify for a 30-year fixed rate mortgage loan at a low interest rate, as well as down payment and closing cost assistance in the form of grants.
Good Neighbor Next Door Program
The U.S. Department of Housing and Urban Development (HUD) offers the Good Neighbor Next Door Program (formerly the Teacher Next Door program). The initiative helps teachers and others to buy homes in low and moderate income neighborhoods by selling properties at a 50 percent discount off the list price. Many financing options, including FHA-insured mortgages that require a down payment of $100, make the program even more affordable.
The program is open to law enforcement officers, firefighters, emergency medical clinicians and state-certified K-12 classroom teachers and administrators who are employed full-time in a public school, private school, or federal, state, county or city educational agency.
See more information on financial assistance for educators