Are you a teacher in Colorado and looking to buy a home? Learn more about the incredible savings you can receive on through the Homes for Heroes program and other programs.
There are three main programs that are available to teachers in Colorado that can give you thousands or tens of thousands in savings on your home purchase. The programs are the Homes for Heroes program, the Colorado Home Buyer Tax Credit, or MCC, and the teacher next door program.
Homes for Heroes
Homes for Heroes (HFH) is a program for heroes in our community, such as teachers, who give so much to make Colorado an incredible place to live. One of the groups that we honor through this program are teachers.
The HFH program provides a teacher mortgage discount off of closing costs. Using other providers in the HFH network such as Realtors, contractors, etc, will get you additional discounts. These discounts are available for either home purchases or refinance loans, and for if you are selling a home. We have a vast network of excellent Homes for Heroes Realtors, so let us know if you would like a referral!
Colorado Home Buyer Tax Credit
The tax credit, or Mortgage Credit Certificate (MCC) is available on many teacher loans in Colorado. You can claim the tax credit on a home purchase transaction (or a refinance if you have an existing MCC on your current loan). You can save an additional $125-$250 per month off your mortgage interest, on average, for the life of your home loan, meaning tens of thousands of dollars in interest savings!!
To qualify for the MCC tax credit, you must fall under your county income limits and be either a first time home buyer, Veteran, OR purchase a home in a “targeted” area. Your Colorado Teacher mortgage loan can likely qualify for the tax credit!
Funds are not always available, so call us to find out if you qualify and if the program is currently funded!
Teacher Next Door Program
The Good Neighbor Next Door Program, also called the Teacher Next Door Program, is is designed to help teachers purchase homes at a discount. You must purchase a home in a targeted area (most targeted areas qualify for the tax credit too!), and are able to essentially purchase the home at 50% of the list price.
Initially, when you close on the home you will have a "silent" 2nd mortgage for the remainder of your home purchase above the 50% primary mortgage, meaning there is no payment or interest on this portion of your loan. You must then live in the home for at least 3 years as your primary residence, and then the silent 2nd is forgiven, leaving you with substantial equity in the home.
These are the three best Colorado teacher mortgage loans and discounts available. It is important to work with a lender who has access to all of these programs who understands the unique aspects of teacher loans Colorado. In-house underwriting and funding that we can offer are very important to assure the best service and an on-time closing.
Call RJ Baxter in the office at 303-670-0137 to get pre-qualified. We will provide honest answers to your questions about Colorado teacher loans!