AUSTIN, Texas, March 8 /PRNewswire-USNewswire/ -- In celebration of Texas Public Schools Week (March 8 – 12), the Texas State Affordable Housing Corporation (TSAHC) would like to remind public school educators of a homeownership program created by the Texas Legislature to honor the important work they do every day.
The Professional Educators Home Loan Program helps educators purchase their first home. The Program offers a 30-year fixed rate mortgage loan of 5.25% and a grant for down payment and closing cost assistance (3% of the mortgage loan amount) to eligible Texas public school educators. Since the inception of the Program in 2002, over 1,700 Texas educators have become homeowners utilizing this program.
"Affording the dream of homeownership is a growing concern for many. This especially is true for our teachers," said State Representative Joe Farias of San Antonio and a member of the House Public Education Committee. "That's why I applaud this program that helps make a career in teaching more attractive for new teachers, while also helping to retain the effective teachers already serving our children."
To qualify for the program, a homebuyer must be:
- A full time Classroom Teacher, Teacher's Aide, School Librarian, School Nurse or School Counselor employed by a public school district in Texas; or a full time faculty member of either an undergraduate or graduate professional nursing or allied health program in Texas.
Additionally, the homebuyer must:
- Be a first-time homebuyer who has not had an ownership interest in a residence during the last three years, or purchasing a home in a targeted area;
- Reside in Texas;
- Meet the income and home purchase price limits;
- Meet standard mortgage underwriting requirements which demonstrate credit worthiness;
- Occupy the purchased home as their primary residence; and
- Complete a HUD approved homebuyer education course prior to closing on the home loan.
Eligible educators can apply directly through an approved participating mortgage lender. The lender list is available at www.tsahc.org or by contacting TSAHC directly at 1-888-638-3555. This program is available statewide on a first come, first-served basis, to homebuyers who wish to purchase a newly constructed or existing home with a 30-year fixed rate FHA, VA or USDA mortgage loan. Funding for this Program is made possible through a partnership between TSAHC, the U.S. Treasury, FannieMae and FreddieMac.
Contact: Janie Taylor (512) 477.3563
SOURCE Texas State Affordable Housing Corporation