Raising a Few Eyebrows in the Teachers’ Lounge
Teachers have one of the most rewarding jobs on the planet — educating and guiding the next generation.
But it’s certainly not the most lucrative profession. After all, money generally isn’t the reason people like Carmen get into — or stay in — education.
“After word got out that I bought a home, I had to reassure people that I was on the same pay scale as they were! I simply found out about a down payment assistance program.”
A middle school English teacher, Carmen is one of the many hardworking Americans who have benefitted from a down payment assistance (DPA) program.
While she still had to meet the income, asset and property guidelines associated with the loan she was considering, the DPA (sometimes called a buyer’s grant or credit) allowed Carmen to buy her first home sooner than many of her peers.
“It basically cut the amount I had to save for a down payment in half,” said Carmen.
If you qualify and are approved, your down payment assistance will be paid in the form of a forgivable grant at the time of closing. “Forgivable” means you don’t have to pay it back, and the loans are available in 20-, 25- and 30-year terms to allow for flexibility. It’s our way of trying to help teachers like Carmen achieve their dreams of homeownership.
Click here for more information on the Advantage DPA program and to submit an application.