Are you a teacher in Boulder Colorado and looking to buy a home?
Learn more about the incredible savings you can receive on Boulder Colorado teacher mortgages. There are three main programs that are available to teachers in Boulder that can give you thousands or tens of thousands in savings on your home purchase.
The programs are the Homes for Heroes program, the Boulder Home Buyer Tax Credit, or MCC, and the teacher next door program.
In order to honor heroes in our community, we offer the Homes for Heroes program, for those who give so much to make Boulder an incredible place to live. Boulder teachers are one of the groups who can utilize this program. The HFH program gives teachers mortgage discounts off their closing costs. You can receive additional discounts by using a HFH Realtor or other HFH professionals. You can receive discounts when either buying or refinancing.
Colorado Home Buyer Tax Credit
The tax credit, or Mortgage Credit Certificate (MCC) is available on many teacher loans in Boulder. You can claim the tax credit on a home purchase transaction (or a refinance if you have an existing MCC on your current loan). You can save an additional $125-$250 per month off your mortgage interest, on average, for the life of your home loan, meaning tens of thousands of dollars in interest 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. Many Boulder Teacher mortgage loans 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 a home in a targeted area (most targeted areas qualify for the tax credit too!), 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 after that, the silent 2nd is forgiven, which will leave you with substantial equity in the home. These great Boulder teacher mortgage loans and discounts can help you save money as a teacher in our community.
It is important to work with a lender who understands the unique aspects of teacher loans in Boulder, 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 get pre-qualified or visit us at www.cohomesandloans.com. We will provide honest answers to your questions about Boulder teacher mortgage loans!
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