What Are the Best Florida Teacher Mortgage Programs?​​

Florida teacher mortgage programs tend to provide better loan terms for educators like you. Some programs reduce your fees, lower your down payment requirement, and help you pay closing costs. However, not all programs are designed equally. In some cases, you might even be better off with a loan that is not specific to teachers, depending on your credit, down payment, and debt-to-income (DTI) ratio.

So what are the best Florida teacher mortgage programs? We break down 3 programs for you here.

Florida Teacher Mortgage Programs: Do You Qualify?

Good Neighbor Next Door

The Department of Housing and Urban Development, also known as the HUD, provides the Good Neighbor Next Door program. With this program, the HUD offers 50% off of the list price of a home by taking out a “silent” second mortgage—you do not have to make principal or interest payments on this second mortgage. In exchange, the buyer must live in the home for 36 months. While this program is one of the best options for educators, it also serves firefighters and EMTs.

What are the eligibility requirements?

To qualify for this program, you must:

• Purchase a single-family home in a “revitalization area.”

• Be a pre-K through 12th grade teacher at a public or private school.

• Agree to live in the home for three years (36 months).

How do I apply?

1. Find the listings in your state on the HUD website.

2. Submit your interest for a home.

The HUD will inform you on the next steps to take out your mortgages and move into your home.

Teacher Next Door Program

While not a specific loan program, Teacher Next Door connects educators to borrowing programs that meet their needs for free, whether they struggle with bad credit histories, low savings, or other obstacles to homeownership. You may be able to find grants (money you don’t have to pay back) that cover some or all of your costs. You can also combine many of these offers with your mortgage lender’s options.

What are the eligibility requirements?

The requirements depend on the grants or programs that Teacher Next Door matches you with. To use their service, however, you must be a teacher, nurse, firefighter, or other public service professional.

How do I apply?

1. To find grants and other programs, visit the Teacher Next Door website.

USDA Section 502 Guaranteed Loan Program

For non-military homebuyers, this is the only loan program that offers 100% loan financing. That means you don’t need to have a down payment saved up—perfect if your savings are limited.

What are the eligibility requirements?

To qualify, you must:

• Agree to purchase a single-family home in an eligible rural area and occupy it as your primary residence.

• Have a household income that is less than 115% of median household incomes.

• Be unable to get a conventional loan with no private mortgage insurance (PMI). PMI kicks in when you have a down payment of less than 20%.

How do I apply?

1. Find an approved USDA Rural Development lender. They will guide you on the next steps to take!

Let Us Find the Best Florida Teacher Mortgage Programs For You

At Champions Mortgage, we believe you deserve to make the best decision possible for you and your family. It might seem impossible to afford a home, especially as an educator. That’s why our mission is to make the entire process as easy and pain-free as possible. We advise you on the right steps to take to eliminate roadblocks and snag the keys to your new home.

Have more questions? Check out our Borrower’s Guide for first-time home buyers or call us at 855-853-1522.

Ready to start the loan application process? Begin filling out our pre-approval form here.