mortgages for teachers

emitorres1313 · Joined: 07 Jan 2008 Posts: 1 1.39 Dollars($)

i need help to place a loan for two teachers with very low ficos.

banker0679 · Posted: Mon Jan 07, 2008 1:34 pm Post subject:

MyCommunity are for teachers.
They can also look at the bond programs for their state....or you can always try FHA

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi,

Even with low credit score loans are available but the interest rate may be a bit higher. You need to shop a bit for lenders to get the loan. And yes you can try out FHA as Banker has suggested above.

Best of luck,
Larry

ezmortgageloanz · Posted: Mon Jan 07, 2008 6:42 pm Post subject:

I'd have to say based upon the little information shared that FHA would offer the most value for the teachers/borrowers.

If they want to go retail, they can check out Bank of America's Teacher's Flex program---last time I checked (and it was ages ago), you needed a min. FICO of 620 to qualify.

Another point worthy of mentioning is that HUD Homes is a great program for teachers (allows them to purchase a home directly from HUD at 50% off the listed price with only $100.00 down).

Regards,

Scott Miller

Guest 0.10 Dollars($)

what about mortgages for office workers? Is there anything out there for them?

Guest 0.10 Dollars($)

I meant post office workers

lisascherzer · Joined: 04 Jan 2008 Posts: 749 0.10 Dollars($)

What are the credit scores?

evolovik26 · Posted: Tue Jan 08, 2008 8:03 am Post subject:

Either FHA or Teachers Federal Credit Union if they have a good standing relationship with one.

gmakerley · Posted: Tue Jan 08, 2008 9:46 am Post subject:

banker0679 above had a good answer - check out your local state's bond programs. most every state has a program designed for first-time homebuyers, and many of them are quite forgiving as regards credit scores.

Caron · Posted: Wed Jan 09, 2008 4:17 am Post subject: RE: mortgage for teachers

Hi Emitorres,

For which state do you need to offer the mortgage to the teachers? I'm asking this because there are state which provide mortgage assistance to first time buyers in the teaching profession. There are also credit unions offering such loans.

You can even consult a few lenders in our community and find out if they offer home loans to teachers. We have a group of lenders who are always there to help people as much as they can. So, in case you are interested, please send us your request for mortgage quotes. We can then send the request to our community lenders who'll try to match their profiles with your loan requirement. And, as soon as they find that they can offer you such a loan, they'll contact you for the quotes.

Good luck

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