Zero Down Programs for Teachers
We have 3 different lenders who offer programs for teachers. We work with regular banks that want to encourage homeownership for teachers. Other programs that you may be aware of include the PERS (80-17) program and, although we do not offer this program, you can obtain additional information about the program at the CalSTRS website.
Program #1
- You can be a teacher at a private or public school.
- At least 1 borrower must be a teacher.
- The zero down rate is equal to what other lenders charge for 20% down loans.
- You can chose from a 3, 5, 7, 10 or 30 year fixed loans and even interest only options.
- You pay 0.5% less on averge for a 30 year fixed loan for teachers versus a regular loan (for example 6% versus 6.5%).
- This program also allows for a non-resident spouse with no credit or limited credit since the loan decision is based on the teacher's employment and credit history.
- Interest rates range from 4.75% to 6.5% depending on your decision to pay points.
Program #2
- You can be a teacher at a private or public school.
- No proof of income is required which is ideal for a teacher whose spouse is in sales, on commission or self-employed.
- A phone verification of employment is required.
- You need at least 2 months of the mortgage payments, taxes, insurance and HOA dues in the bank as reserves.
- This loan is ideal for those with credit issues and whose spouse can't be on the loan.
- The seller can pay all closing costs for you.
Rates and terms are subject to change without notice. Please call for current rates.