Ideas to help teachers

[Troy Schuricht]

Please give us your feed back on the web sites and any ideas you have on helping teachers become home owners.

[Duane Washkowiak]

Troy,

I helped write a curriculum in conjunction with NIE called Homewords which meets many of the AIMS criteria and is in use free to any school in Arizona. I would be happy to make all of you aware if you are not already and then try and spread the about the availablilty of this program.

My son is also a brand new teacher here in AZ and I believe that we need more education throughout the Real Estate process and as a licensed instructor and Broker I work on this on a daily basis. Fee free to contact me anytime at 602-430-7404. There are also programs for Employer assistance with Down Payments that we can discuss offered through NAR.

[Troy Schuricht]

How can I get some more information?

[Rick Adelmann]

One way to get the teachers educated about owning a home is to volunteer to educate their students. What better way to learn about the economy and how we all are effected by it, and how we effect it, than to discuss real estate with high school seniors. I addition, they need to know that, how they handle thier finances now, will effect their ability to buy a home in the future.
1) they learn about the economy
2) become future home owners
3) we have contact with their teachers
a win/win/win/win situation all the way around!!

Rick

[Kathleen Lewek]

Troy
I highly recommend that teachers (or anyone considering home ownership) talk with friends and family members that own, a knowledgeable REALTOR®, and a good lender. There is grant money available to assist first-time buyers (more in some cities than others), as well as loan products and tax advantages that assist in making home ownership feasible.

[Donna H. Madden]

As a new teacher... never tell the class you've never been a teacher before. The first time through a course... stay at lease four chapters ahead of the class because there is always that wonderful student that is three+ chapters ahead of class. What I found was a good answer when encountering this situation was "I will be glad to address that in an upcoming chapter". Then go home that night and find it and answer it the next day. Good luck!

[Donna H. Madden]

In buying your dream home there is a lot of personal information needed to get you qualified for a mortgage. Your financial expert will be happy to relate what is needed and the timeline.

Here are DO’S & DO NOT’S FOR GETTING A MORTGAGE!
1. DO find out what you can afford... your monthly expenses, etc.
2. DO find out the type of loan you can afford. DO you have:
 5% down for typical FHA Loans.
 20% for typical Fannie Mae Loans.
3. DO find out if you are eligible for special financing such as:
 Veterans (VA) 100% loans.
 Rural Development (RD) loans with low-income requirements.
4. Employment: Have you been on the job long enough to qualify?
DO NOT change employers or quit your job during the loan process.
5. How good is your credit?
DO NOT open any new “credit accounts” if you are planning to buy a house. After setting aside your down payment and closing cost monies, pay off any small collections. If renting, stay on good terms with landlord (may be contacted by your lender). Show rental history payment either by check or money order. If you own your home, pay the loan on time. Keep good records (pay bills on time)… banks statements, front/back of check/money orders, payment receipts, creditor letters, pay stubs, deposit slips & bring your social security card/picture ID to closing.
6. DO be open about your finances. The Loan Officer will be in a better position to help you; and it is all strictly CONFIDENTIAL.
7. DO use a Lender or a Mortgage Broker for loans. All lenders are not the same; some have only one source of funds. Heart of Florida Realty has access to dozens of major lenders.
8. DO stay in touch with your Lender and Realtor. Expediently provide the paperwork requested so that the closing date is not affected. Notify them immediately if any circumstances change.
9. DO NOT open any NEW “credit accounts”; make large charges on existing accounts; get any other loan; buy a new car/boat/motorcycle or anything that has payments; start a new business if it is a replacement of your current job; change banks or bank accounts; bounce a check; get divorced or evicted; or allow anyone to pull your credit… it may lower your scores after being approved for a mortgage. This could make you ineligible for your mortgage.
10. DO be realistic about buying a house… buy what you can SAFELY afford.

Following these simple guidelines will make the process work smoothly.

Donna H. Madden, Broker/Owner
Heart Of Florida Realty
www.heartoffloridarealty.com
863.528.3321

[Kent Simpson]

Some school districts offer free homebuyer education seminars as an employee benefit...ask your union rep or human resources department. If they don't have one, your local REALTOR® Association will be glad to help them set one up through the Home From Work™ program.

If they are really on the ball and looking for higher teacher retention rates, they may even offer down payment assistance in return for a 5 year commitment or something similar.

This is a great win/win program for employing schools and their teaching professionals.