What would you say if I told you teachers could receive preferential treatment when buying a home?
Finally, the teachers have an advantage instead of the short end of the stick. The Teachers Mortgage Assistance Program offers below-market interest rates to Connecticut public school and vocational/technical teachers.
It’s designed to attract teachers to teach and live in “challenged” and understaffed communities. The interest rate would be 1/8% lower than the regular CHFA interest rate (1/4% lower for New London or Norwich) which is as low as 2.75% fixed for 30 years already. Below are the qualifications.
You must be employed as a certified public school teacher or certified regional vocational/technical teacher
This home must be your primary residence
You must be a first-time homebuyer
ANY teacher in ANY town may qualify if they are certified and teaching any of the following:
-Comprehensive Special Ed. K-12
-Hearing Impaired, PK-12
-Intermediate Administrator
-Mathematics, grade 7-12
-School Library & Media Specialist
-Science, Grade 7-12
-Speech and Language Pathologist
-World Language, 7-12
As you can see, any high school Math, Science, or World Language teacher in ANY community can qualify for this program. That is a game-changer for your mortgage payment. The mortgage can be tied in with a Downpayment Assistance Program loan to help teachers come up with the downpayment and/or closing costs.
I believe the biggest news is that ANY public school teacher in ANY academic discipline may qualify for this, if they teach in New London or Norwich.
So what do you think about this program? Do you think it will attract teacher to want to teacher in those disciplines or in New London? I’d love to hear your thoughts.
Keith S. Turner
NMLS# 820813
Mortgage Loan Representative | The McCue Mortgage Company
Eight Union Street | Corner of Union & Methodist Street | New London, CT
(860)444-0650 | 800-781-1180 | Fax: (860)443-8108 | keitht@mccuemortgage.com
