Looking to buy a home in Arvada Colorado? Are you a teacher? This article will help you learn about the substantial teacher mortgage loans in Arvada, CO.
You can save you thousands or tens of thousands on your home purchase with these three programs in Arvada. The three programs are: The Arvada Home Buyer Tax Credit (Mortgage Credit Certificate), the Homes for Heroes program, and the teacher next door program.
The Homes for Heroes program is designed for heroes in our community, those who give so much to make Arvada an incredible place to live. Arvada Teachers are one of the groups that we honor through this program. Teachers receive discounted closing costs through this program. Using other providers in the HFH network such as Realtors, contractors, etc, will get you additional discounts. Receive discounts on both your home purchase or refinance loan.
Colorado Home Buyer Tax Credit
The tax credit, also called the Mortgage Credit Certificate (MCC) is also available for teachers in Arvada. The MCC is a program for home purchase transactions (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, you must fall under your (generous) county income limits and be either a first time home buyer, Veteran, OR purchase a home in a "targeted" area. Your Arvada Teacher mortgage loan can likely qualify for the tax credit!
Colorado Teacher Next Door Program
The teacher next door program, or Good Neighbor Next Door, is a program 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 Arvada teacher mortgage loans and discounts available. It is important to work with a lender who understands the unique aspects of teacher loans in Arvada, and has access to all of these programs.
In-house underwriting and funding that we can offer are very important to assure the best service and an on-time closing. Call RJ Baxter in the office at 303-670-0137 to discuss your options or visit us at www.cohomesandloans.com. We will provide honest answers to your questions about Arvada teacher mortgages!
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