MORTGAGES FOR CHAMPIONS IS A LEADER IN TEACHER HOME FINANCING
Mortgages For Champions – Teachers Get Better Loans
Did you know that, according to Admissionly, there were over 3.6 million teachers in the US in 2017? Out of these teachers, around 60% of them are, unfortunately, underemployed. Mortgages For Champions Can Help.
If you’re a teacher—whether you’re working on-site at a K-12 school, a primary school, or at the university level—then you know how challenging it can be, sometimes, to find yourself underemployed or not making enough money.
When it comes to finding a mortgage as a teacher, this can be incredibly challenging because of the economic
LOW COST MORTGAGES FOR TEACHERS
situation of the educational industry.
Fortunately, we have a solution: the Mortgages for Champions loans for teachers. With these teacher loans, you can finally afford the house you want to buy. Read on to learn more.
Benefits of Mortgages for Champions
When you use this best loan for teachers, you get a large number of benefits. These benefits include waived lender fees, a quick process, personalized lending, and competitive rates. If you thought you couldn’t afford a mortgage before, you definitely can.
Waived Lender Fees
When you get a traditional mortgage, you have to spend a large amount on lender fees. These are also referred to as lender closing costs. All mortgage lenders, including banks, expect you to pay this fee when you buy a home.
These fees can include commitment, underwriting, processing, and application fees.
When you get a mortgage through Mortgages for Champions, however, you won’t have to pay these lender fees.
Considering that they can cost you over $1,700, you’ll save a lot of money upfront when you use Mortgages for Champions.
A Quick Process and Personalized Lending
One of the most challenging aspects of getting a mortgage is all the different paperwork you have to deal with. Even if you’re able to afford it, it’s easy to feel like you’re drowning in all the different documents to sign.
It’s almost as bad as having to grade student papers at the end of the school year.
Fortunately, at Mortgages for Champions, we streamline everything for you.
Part of why we’re able to do this is because we’ll give you access to a licensed loan officer who’ll help you not only with paperwork but also with understanding which loan will work best for your financial situation.
This way, you can focus on what matters most: finding your dream home.
Competitive Rates
When it comes to mortgage loans, we also offer some of the most competitive rates in the market. This is because we work within the industry, finding the best deal for you. Whatever your teacher salary, you’ll be able to afford a mortgage.
We’re Connected
Because Mortgages for Champions has been working with so many lenders, government programs, and champions such as firefighters, teachers, and doctors, we have connections through the industry.
Whatever financial situation you’re in, whatever stage in your career, we can find you a loan that’s more affordable than other mortgage loan providers.
All Types of Loans for All Types of Homes
When you get a loan through Mortgages for Champions, you can use it to get the type of home that’s best for you. We help you find the best home loan for mixed-use commercial properties, manufactured homes, and condominiums.
We also offer home loans for four-family homes, two-family homes, and single-family homes.
Types of Loans Available (for on-Site or off-Site Teachers)
Through Mortgages for Champions, there are many different types of loans available. These include no money down loans, conventional loans, FHA loans, ARMs, high balance loans, and reverse mortgage loans.
No Money Down Loans
When you get a no money down loan, you won’t have to pay for the downpayment of your new home. The options available through Mortgages for Champions are the USDA and the Veterans Administration (VA) Loans.
USDA Home Loan
If you’re a teacher who lives in a certain suburban or rural area, you might be able to apply for a USDA home loan. This home loan program, which is also called the USDA Rural Development Guaranteed Housing Program, is available through the US government.
Very few people don’t know about this mortgage program—so if you want to buy a home in a rural area, this is definitely the choice for you.
Veterans Administration (VA) Loans
If you’re a teacher who’s been in the military before, or you’re a military dependent or spouse, then you can qualify for the VA loans. You won’t need to pay a downpayment, and there also isn’t any need for a cash reserve.
There aren’t any income restrictions for these loans. Additionally, when rates change, you can qualify for refinancing your mortgage with a lower rate.
Conventional Loans
Conventional loans are also available through Mortgages for Champions. You’ll have to pay a downpayment that’s usually around 5%. If you put 20% down, then MI isn’t required. If you want better interest rates, then you need a good or great credit score.
There’s a big variety of loans you can get when you choose a conventional loan, including 30, 20, and 15 year fixed rate terms.
Home Buyer Assistance
Through Mortgages for Champions, you can also get access to homebuyer assistance. When you take part in this program, we’ll help you pay for your home’s downpayment. We do this through the HomePossible and HomeBuyer programs.
If you’re a first-time homebuyer, you should be able to take advantage of these programs.
The downpayment required is only 3% down, after which you’ll have mortgage options that are far more flexible than with a traditional loan. You’ll also get educational information through a course for first-time homebuyers.
The downpayment, when you pay it through these programs, can be a gift from a family member or friend, whether it’s the entire amount or only part of it.
HomePossible is available through Freddie Mac, while HomeReady is available through Fannie Mae.
ARMs
SPECIAL TEACHER FINANCING
Through the Mortgages for Champions program, we also offer access to adjustable-rate mortgages, also known as ARMs. This is a type of mortgage loan where the fixed interest rate you get at the beginning changes depending on current market conditions.
High Balance
If you want a larger amount of financing to afford the home you’re dreaming of, we can make that possible for you with our high-balance loans. If the home requires you to pay more than $425,000, we can get you the loan you need.
This is a great alternative to going through a traditional lender, who might charge you high fees or high-interest rates when providing you with a loan of this size—or completely refusing to do so.
FHA Loans
FHA Loans are also available through the Mortgages for Champions program. We can access this type of loan because of the Federal Housing Administration, which insures these loans. Note that they don’t underwrite it; they simply insure it for your lender.
This is a great loan if you’re currently struggling financially since they don’t require great credit or a high income.
Downpayments with FHA loans are often lower, and you might even be able to find one that’s only 3.5%. Additionally, you can use these loans for both a refinance or purchase.
Reverse Mortgage Loans
Through Mortgages for Champions, you can also get reverse mortgage loans. If you’re looking to support yourself during retirement after a lengthy teaching career, this can be a great opportunity that makes this possible.
To qualify for a reverse mortgage loan, you or your spouse has to be at least 62 years old.
The amount you can get through this type of loan depends on several factors, including current interest rates, your age, and your home’s value.
230K Streamline Loan
Another loan we offer is the 230K streamline loan. Through this loan, you can get more money as your family grows, updating your bathrooms, putting in more bedrooms, or expanding your living room or basement.
Need More Information?
Now that you’ve learned about the different loans you can get as an on-site or off-site teacher through Mortgages for Champions, you might need more information. Maybe you need help figuring out which of these mortgage options is best for you.
Or maybe you need help budgeting so that you can save to buy a home.
Whatever information you need, we can help. At Mortgages for Champions, we’re experts when it comes to mortgage loans.
We also offer mortgages to champions like you. To apply for a mortgage through Mortgages for Champions, get started now.
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