The Teacher A+ Program requires at least one (1) borrower must be a full-time employee as described below:
- An employee of an accredited or state recognized private or public school
- A certified teacher or administrator in an education agency
- An employee of a post-secondary level educational institution
This includes and is not limited to: all private, public school, grammar and high school teachers, special education teachers, guidance counselors, librarians, instructors, tutors, athletic directors, coaches and school nurses, may be eligible.
Highlights of the Program
Purchase or Refinance
1 UNIT Properties, Fannie Mae Eligible Condos, PUDS, Modular Homes
700 Credit Score = 3% Down Payment
680 Credit Score = 5% Down Payment
620 Credit Score = 20% Down Payment
DOWN PAYMENT CAN BE GIFTED
DUPLEXES
680 Credit Score= 5% Down Payment
620 Credit Score = 20% Down Payment
3% OF DOWN PAYMENT MUST COME FROM BORROWERS OWN FUNDS
75% of the Rental Income May Be Added To Total Borrower Income To Qualify
NOTE:
Borrower may not own any other residential property
Funds for closing costs, pre-paids and down payment CAN be obtained through an unsecured loan from a related person, municipality, non-profit organization or the borrower's employer. Must be a term loan with level payments & a fixed interest rate not to exceed 2% above the 1st mortgage note rate. Monthly payments must be considered debt in qualifying.
Boarder income from a related or non-related party may be included for 1 unit properties as qualifying income up to an amount of 30% of the total qualifying income with proper documentation of 12 months cancelled checks.
Income Limitations. The stable income of the borrower(s), converted to an annual basis, must not exceed the % of the HUD estimated median income. Specific designated areas offer no income limits. Check your county here.
Example: Milwaukee County: $67,700, Dane County: $77,600, Lake County: $71,600, Cook County: $71,600
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