Home Buying for Teachers: How to Save Money For Down Payments

If world events have taught us anything, it is how crucial teachers are to our communities and society. And if you’re one, first of all, thank you for all the hard work you put in even outside your salaried contract hours. We see you, we hear you, and we want to help you.

We know that home buying is a tough decision to make, especially if you’re an educator. Money is a big factor. So, why is it challenging, especially for teachers and educators, to buy their dream homes or save money for a down payment?

Part of it is the salary, which can vary by state and even by the district you teach in. Some districts pay once a month, making it difficult to save up since that monthly paycheck has to last a while. Not to mention, buying classroom supplies can make it difficult to save money. If you are a teacher, you know the struggle. If you aren’t, donate school supplies to your local schools. Trust us, it won’t go unused.

Two other factors that can influence the home buying process are the cost of living and location. The average salary for a teacher in the United States is around $63,000 before taxes. And the average down payment on a home is anywhere between $10,000 and $15,000. So it takes about one-sixth of a teacher’s salary to afford the down payment alone.

This article is for you, teachers. We know you work tirelessly to meet the needs of every student in your classroom. And we know you bring work home and lose out on time with your families. It’s a hard job, and sometimes with not much to show for it except specialized degrees and student debt to get where you are now.

So here are some tips for saving for a down payment and resources to help you lower the burden of a down payment!

Tips on saving for a down payment for educators

We know how your dollars have to stretch and that unexpected events happen. Be patient with yourself. There is no pressure to save all of a down payment in a year. It’s okay if it takes some time to get there.

Price range

Before you do anything, sit down and decide your price range for your house. It will help you know how much you will have to save for a down payment by taking 20% of the highest end of the range. That way, if you go under that rate, you have a little extra money saved up as well.

Budget

Look at least three months back to formulate an estimation of your expenses every month. Keep in mind groceries, pet needs, children, etc. All of the money that leaves your account, and for how much. Don’t look at spending outside of the necessities yet (we’ll get there a bit later), and just focus on the bills and payments you make monthly.

Set a savings goal

Decide on a goal of when you want to buy a house. It doesn’t have to be detailed. It can be as simple as a year. But if you want to set a specific date, go for it!

After you’ve done that, divide your goal in months by how much you earn every and need to save each month. Look back at your budget, and add that in as an expense. This will help you get a realistic idea of your finances until you reach your goal. Start training yourself to think of saving for the house as an expense, a bill that you pay towards your future.

And if you don’t like the number, adjust the goal. Like we said before, there is no rush on your dreams here.

Spending habits

Okay, now you can look at what you spend outside your utilities, means of living, etc., but don’t include what you spend on your students for classroom supplies. That is a burden of the job that asks too much of you, and it is not your fault for bettering your students. Don’t count any of those expenses at all. It’s a moot point.

What you should count is what you spend but don’t have to. This includes fast food, coffee, shopping sprees, and anything else that doesn’t have to be bought. It is alright to splurge occasionally, and we understand that life happens. But being aware of it can help you save money.

Bonus or under budget?

There might come a month where you actually come in under budget for expenses. All this extra change can go right to savings! Or save for non-house buying emergencies as a rainy day fund that might come in handy later down the road. The only wrong answer here is to spend that extra money.

Home buying for teachers: Down payment assistance

But thankfully, you’re not completely on your own for down payments. Down payment assistance is available, especially if you are a first-time homebuyer. You can receive a lot of assistance, and not all of which you have to pay back. So that’s a nice deal as well.

First Time Home Buying Classes for Teachers

Alright, teachers, it’s time to go back to school, but you’re the student this time. First-time home buyers classes have a lot of perks. They can get you local discounts and grants, along with teaching you the ins and outs of the process so you can be smart when looking for a home. Not to mention, some loans may give preference to those who have completed a course like this. So, it can be well worth the time.

Explore all the benefits and look into signing up for the next session here.

Local Programs

The US Department of Housing and Urban Development (HUD) features a lot of home buying assistance programs in general. However, there are local programs available too, and these programs many people don’t know about. There are similar state and local programs to what is available federally but more adjusted for the state itself.

To find programs in your state, look here.

USDA Loans

The United States Department of Agriculture (USDA) has a program for rural housing, which is available to you. There are some hoops, but it is targeted towards lower-income, rural areas. So if you fit the description so far, this may be the program for you. The USDA wants to help those in less-serviced communities in areas that fall under other government programs.

Learn more about USDA loans here.

FHA Loans

FHA loans are government loans from the Federal Housing Administration. These can be low-interest loans, no-interest loans, or grants (which you wouldn’t have to pay back), along with a variety of other assistance monies. However, there are certain rules and minimums you would have to meet, so be sure to check to make sure you qualify before beginning the process.

Find out more about FHA loans here.

Hero Home Programs

One place teachers can look for home buying help is Hero Home Programs. This program honors local heroes (that’s YOU!) and does a lot of the legwork for you in finding grants, rates, and even have affiliated discounts on services. They can also help you if you currently rent, which is pretty sweet too. It’s completely free to apply, and there is no obligation.

You can find more information on Hero Home Programs here.

Good Neighbors Next Door

The Good Neighbors Next Door is a program sponsored by HUD, and is similar to Hero Home programs in that it caters to local heroes. However, there is a stipulation that the home must be in an area that is benign “revitalized”, and the duration of your ownership. So this is something that is a long-term commitment, bear in mind.

To find out more about potential homes in your area, look here.

Teachers, it is possible to achieve your dreams of owning a home. And we hope that you found these tips and tricks helpful in starting the process of saving for a home. And there are down payment assistance programs, most of which are free to apply for. So you can keep even more of your hard-earned money for yourself.

Thank you for everything you do.

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Getting Out of the Renting Cycle with Hero Home Programs

Some people feel like homeownership is a dream that they can’t achieve. If you are stuck in simply renting an apartment or a home without, it can be a vicious cycle to get out of and into a home of your own.

Although Hero Home Programs™ are focused on community heroes, they are committed to helping everyone achieve their dreams of homeownership. And renters face unique challenges. Monthly expenses might hinder you from saving money towards a house, especially if you live in high-profile cities or areas where living costs are high.

In this article, we’ll talk about how you can break the renting cycle so you can achieve the home of your dreams without breaking the bank either.

Alright, let’s get right on to it! So how do you break the cycle of rent to get into a home?

Escaping the rent trap

According to Newsweek, the average rent in the United States just hit $1,200, while this source says that the average mortgage in the US is only around $1,000 a month. Now, that may seem like home owning is the better option. But that extra $200 saved goes straight into insurance, repairs, and upkeep of the house. So it is really a give and take situation right now, as no one option is better financially with the current trends on the market.

The renting cycle is a harsh one -- you move into a place within your budget and then manage to set aside change for your future home. And then, rent increases, either at the end of the month or the end of your lease. 

Remember your rights as a renter: landlords must give 30 days’ notice to any rent increase. But also, if your lease is expiring, and you are worried prices will go up, ask your landlord about an addendum for a new term. Think of it as an extension to the existing contract, and some places may even allow you to keep your current rent price. Others may find a happy medium for you, especially if you are a good tenant. 

However, all of that combines to keep renters as renters instead of letting them become homeowners. And if anything we just described to you sounds familiar, then here are some tips to escape the rent trap and work to go into the home of your dreams. Or at least the first home of your dreams.

1. Keep a good credit score.

Some renters may find that credit score is an elusive term. How can a renter build credit if they have no loans or credit cards? Well, actually, renters can build a lot of credit. Paying your rent on or before the due date actually influences your credit score! So if you are a person who forgets rent due dates or is always a day late on the payment, then it is a good idea to find a system to pay rent on time.

And if you are living the paycheck-to-paycheck life, and that is why your rent is always a few days late, ask your landlord to move your due date a few days. For example, if you know you get paid on Fridays, then simply ask your landlord for rent to be due the first Friday of the month, so that you can always pay it on time. Many lease agreements and landlords have three to five days grace period to accommodate such situations. But if yours doesn’t, simply ask if you can work out a deal with them to pay it on a different day at the start of the month.

2. Save for a down payment.

Now, after all, we have mentioned about the price of rent, it seems like salt in the wound to say that breaking the renting cycle is as simple as just saving money. We know it’s not. Especially if you live on a tight money schedule (our hearts go out to those who get paid monthly), it can be extremely difficult to save money.

Sit down and create a budget of your monthly expenses if you haven’t already. And if you have, do it again. Not to mention, look at credit card statements and spending. Is there something or an area you can cut back on? Is there a usage bill that can be trimmed down?

Setting aside $5 a month for a year-long lease will net you $600. That may not seem like a lot, but it can help make a dent in a down payment. When it comes to saving for a down payment, there is no need to aim to save for the entire thing. Save what you can, and the rest can be figured out with the mortgage.

3. Consider low or no down payment home loans.

Why don’t you need to save for the entire down payment? Well, especially if you are a first-time homebuyer, there are loads of options for you to choose from: low or no-down-payment home loans.

FHA, or the Federal Housing Administration, has tons of accessible monies for qualified home buyers in the form of down payment assistance. Not to mention, some of the loans, especially those in the form of grants, don’t have to be paid back. There are even low-interest or interest-free loan options.

City, State, and County government programs are also available. And they are similar to FHA programs, but more tailored to your specific region. So when it comes to looking for ways to cover down payments, be sure to look at what lower levels of government have to offer as well.

With the wealth of programming at your fingertips now, finding what is worth it or what you qualify for can be hard. Hero Home Programs™ can help you get started on finding the right fit for you.

4. Talk to Hero Home Programs professionals.

Hero Home Programs™ can help you. And it's free to apply. All you need is your name, phone number, and your status as a renter. No financial hoops to jump through at any point in the process. 

The benefits of Hero Home Programs™ for renters:

• Access to grants. Hero Home Programs do all the work for you in finding grants and loans for you. And remember, grants don’t need to be paid back -- what better team to have on your side? Hero Home Programs™ put in the legwork to find the best deals for you, so you can spend time relaxing and saving money.
• Vendor discounts. Did someone say carpet cleaners? Yes, please! With Hero Hero Home Programs™, you get access to discounts to services that can ensure that you get your full deposit back.
• First-time home buyer programs. If you are a first-time homebuyer, there is a lot of assistance available to you, and Hero Home Programs™ can help you find those programs, along with some of their own.
• Rent to own houses. If homeownership is a distant goal or you aren’t ready to commit to a house yet, you can look into rent-to-own homes. These have a lot of benefits and appeal and really take the stress off finding a home later down the line.

Get out of the renting cycle.

Hero Home Programs™ is dedicated to helping people achieve their dreams of homeownership. And if you are a renter, that includes you, no matter your occupation. Everyone deserves to own a space that they can live in and call their own without going into massive amounts of debt.

As a renter, you can still make your dreams of owning a house a reality with the help of Hero Home Programs™. They can help you find programs that are right for you and your budget, along with providing help every step of the way.

If you are interested, fill out an application today to speak with a Hero Home Program™ agent near you! It is completely free and absolutely no obligation!

So what are you waiting for? Break the cycle and go from renter to homeowner with the help of Hero Home Programs.

The following post Getting Out of the Renting Cycle with Hero Home Programs was first published to Our Website

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3 Reasons Why You Should Use Hero Home Programs™

Buying a home can be stressful, especially if you juggle a schedule that is as constant as a hometown hero. Our teachers, healthcare officials, police officers, first responders, military, and/or firemen -- their schedules may not lend themselves to be super great when it comes to buying a home. Not to mention, these heroes often work off the clock to make our communities great and keep them safe.

And that is on top of all the regular processes of buying a house and enjoying life. It can be stressful to dedicate precious time to find the perfect home through thousands of listings. And then moving to find a realtor, a financing option, and the list goes on.

Thankfully, there is a way for you to navigate it easier through Hero Home Programs™.

Hero Home Programs™ has its own hero listings and hero financing options available, along with services like appraisals and titles. All of this as a way to say thank you to the everyday heroes that keep our homes safe. 

So how does it work?

Hero Home Programs™ works by partnering with financial institutions. It is not a bank or credit union, so you can still choose through the affiliates near you. It works by giving you discounts and grants at the city, county, and state levels that suit your needs. That’s right-- Hero Home Programs™ do all the research for you.

There is no minimum credit score needed, and it costs nothing upfront. There are no hidden fees either! Hero Home Programs™ values honesty, respect, and integrity, much like the community heroes they serve. The process is completely transparent, and our affiliate lending institutions communicate with you throughout every step.

Perhaps you have heard of Hero Home Programs before and are wondering: is a Hero Home Program worth it? And while we cannot speak to the barriers it may pose to every situation, there are a lot of benefits and reasons (which we’ll talk about in this article) to choosing a Hero Home Program.

This article will discuss the benefits of choosing a Hero Home Program for your house buying process. We will also discuss the qualifications for Hero Home Programs™, as well as how you can get started. So first, let’s talk numbers.

Saves you money

Depending on your situation, you could save thousands of dollars. That’s right. Thousands. Think about what you could do with that chunk of change! Especially for our teachers, who spend their money on classroom supplies, Hero Home Programs™ knows how much thousands of dollars can do. Not to mention, a little friendlier of a budget, no matter what type of hero you are.

On average, you could expect to save around $2,400. That equates to about 0.7% per every $100,000 of the purchase price of the home. Not to mention hundreds of dollars in lending fees and home service fees (inspection, title, etc.) that put even more money in your pocket.

So how does Hero Home Programs™ save you money?

Well, it’s simple. The program itself does all the research to find the best discounts possible and save you costs throughout the process of buying or selling a home. Hero Home Programs™ can even get you discounts on selling your house. That’s a win-win!

Here are just a few of the ways that Hero Home Programs™ saves you money:

• Access to state and municipal grants and tax rebates
• Reduced lending fees
• Credit on closing sales
• Vendor discounts on inspections, titles, and more
• Refinancing process available

Need we say more? When you partner with Hero Home Programs™, you get access to a wide variety of savings that you may not have found otherwise. And did we mention that you don’t even have to go digging? They do all the research for you!

How much money you save does depend on your situation. However, there are always a few hundred dollars available for saving through Hero Home Programs™. And even that few hundred dollars can go a long way. They look to save you as much money as possible, whether buying, selling, or refinancing your home.

Easy step-by-step process

It is really easy to get started. All you do is fill out an application and there is no application fee. The application simply asks for your name, contact information, and the type of hero you are. Some applications of Hero Home Programs™ may also ask whether you want to sell, buy, or refinance. But that’s it!

And there are no hidden fees either! Hero Home Programs™ is 100% transparent, so you know the cost upfront. And that cost is low compared to what you can save. Hero Home Programs™ wants to keep more money in your pocket, which is why their services are free of any pop-up fees or ridiculous rates.

So what’s the catch?

There is none. They want to make the home buying process to be as smooth as melted butter. You can go about your day and your lives, and rest assured that Hero Home Programs™ is doing a lot of behind-the-scenes work to make your dream home your reality.

And they will not abandon you afterwards. Nope! Hero Home Programs™ stays until the job is done. Why? Because that’s what our heroes do! And they want to provide them with the same commitment throughout the whole process. They are with you every step of the process.

Excellent customer support

Hero Home Programs™ values their customers, no matter what. You have done so much for the communities you serve, and they want to pay it back by helping you every step of the way. Not to mention, they pride ourselves on providing top-notch customer service with our own staff. There is no transcontinental loop of calls to find the right person--just one phone call to your Hero Home Program agent, and they can answer your questions or connect you to the right person. 

Hero Home Programs™ knows how valuable time is to community heroes. Whether as an on-call paramedic or as a teacher spending late nights grading papers, they want you to get back to what you need and love to do. And whether that means spending a day with your family after working a night shift or working an extra shift, they don’t waste your time. And that rolls into the customer service aspect as well.

Is Hero Home Programs™ the right for me?

You may still be wondering if Hero Home Programs™ is right for you. Like we mentioned before, there is no cost to apply or sign up, and you aren’t locked into anything just by exploring your options. If you are interested, contact your lending institution that partners with Hero Home Programs™ to get started. Or you can apply with your name, the type of hero you are, and contact information, and they will reach out to you!

So what are you waiting for? Reach out to Hero Home Programs™ today.

3 Reasons Why You Should Use Hero Home Programs™ is republished from Hero Home Programs

Original post here: 3 Reasons Why You Should Use Hero Home Programs™