Teacher Mortgage Assistance in Columbus

Teachers, principals, and other school administrators are eligible for special mortgage loan savings programs in the state of Ohio. If you are an educator or work at an educational institution, you could save a significant amount on your next home mortgage.

For everything teachers do, The Ohio Housing Finance Agency’s (OHFA) Ohio Heroes program rewards Ohio educators with special discounted mortgage rates.

Through Ohio Heroes, pre-K through grade 12 teachers, administrators, and counselors who work in Ohio schools may benefit from discounted rates on their home loan. Individuals in these groups must meet the following requirements:

• Income requirements and purchase price limits.
• Debt-to-income ratios for your loan type.
• Credit score requirements (640 or higher for Conventional, USDA and VA Loans; or higher 650 or higher for FHA Loans)

As part of Ohio Heroes, qualified educators are also required to complete a free homebuyer education course. This course provided by the OHFA is offered by any U.S. Department of Housing and Urban Development (HUD)-approved counseling agency in Ohio. The OHFA homebuyer education is completed once the homebuyer has submitted their loan application with their loan officer. Homebuyer education is not required for borrowers who are registered for the OHFA’s MTC Basic program. Take the quiz to see if you qualify for this program.

The US Department of Housing and Urban Development (HUD) offers a discount of 50% from the list price of certain homes through the Good Neighbor Next Door program. Teachers and other civil servants who take part in this home must purchase a home located in a zone that is marked for community revitalization by HUD and must maintain primary residence at the property for 36 months. For teachers on a fixed budget, the steep discounts offered by Good Neighbor Next Door can be an attractive option.

The mortgage experts at Mortgage Lender Columbus knowledge the teachers who work hard for their students every day. Let us help you explore savings you have already qualified for on your next home loan. We are your OHFA-approved lender in Columbus for the Ohio Heroes program and more!