Are you a Colorado teacher who is looking to buy a home?
Find out more about teacher loan discounts and Colorado teacher mortgage loans.
There are several programs available to teachers in Colorado that can save you thousands or tens of thousands on your home purchase. These programs are the Homes for Heroes program, the Colorado Home Buyer Tax Credit, or MCC, and the teacher next door program.
Homes for Heroes
The Homes for Heroes program is designed for heroes in our community, those who give so much to make Colorado an incredible place to live. One of the groups that we honor through this program are Colorado teachers.
The HFH program provides a teacher mortgage discount off of closing costs. Also, if the hero uses other providers in the HFH network such as Homes for Heroes Realtors, home inspectors, contractors, etc, they can receive additional discounts. These discounts are available for either home purchases or refinance loans.
Colorado Home Buyer Tax Credit
The tax credit, or Mortgage Credit Certificate (MCC) is available on many teacher loans in Colorado. The MCC is a program that is available only on a home purchase transaction (or a refinance if you have an existing MCC on your current loan). The tax credit will save you, on average, between $125-$250 per month off your mortgage interest for the life of your loan, translating to tens of thousands of dollars in savings!
To qualify for the MCC tax credit, you must fall under your county income limits and be either a first time home buyer, Veteran, OR purchase a home in a "targeted" area. This means that many CO Teacher mortgage loans qualify for the tax credit!
Colorado Teacher Next Door Program
The teacher next door program (Good Neighbor Next Door) is designed to help teachers purchase homes at a discount. You must purchase the home in a targeted area (hint: targeted areas qualify for the tax credit), and essentially purchase the home at 50% of the list price.
You will have a "silent" 2nd mortgage for the remainder of your home purchase, meaning there is no payment or interest on this portion of your loan. You must then live in the home for at least 3 years as your primary residence, and then the silent 2nd is forgiven, leaving you with substantial equity in the home.
As you can see, there are many great Colorado teacher mortgage loans and discounts available. It is important to work with a lender who has access to all of these programs who understands the unique aspects of teacher loans Colorado. We have in-house underwriting and funding meaning that you will receive the best possible service and will meet your contract deadlines.
Call RJ Baxter in the office at 303-670-0137 to see what you qualify for or visit us at www.cohomesandloans.com. We will provide honest answers to your questions about Colorado teacher loans!
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