FHA Loans - Teacher Next Door Program (TND)
There is a FHA Loan Program specifically for Teachers who would like to acquire a home. This FHA Teacher Next Door (TND) Loan Program offers single unit HUD owned properties to school teachers with the follow benefits:
- 50 percent discount off of the appraised value
- Only $100 down required for the down payment
The FHA Teacher Next Door Loan Program was developed to offer HUD homes located in specific restoration sections to teachers looking for a great value in a home. These restoration areas typically have a high probability of growth and progress in the future, but are currently in mid to low income districts. You also notice that you will see a little higher number of crimes and many vacancies.
These homes are HUD Homes for Sale and therefore they were purchased using a FHA Home Loan at some point, but was foreclosed on. If a Teacher purchases a HUD home using this FHA Teacher Next Door Loan Program, the down payment required for this purchase is only $100.
In order for you to qualify for this FHA loan program, you must meet the following:
- Teacher that makes the purchase must use this property as the place of residence for a minimum of three years from the purchase date.
- The Teacher must be a full time public or private school employee in the county, state, or Federal level that teaches between the grades of Kindergarten to grade 12.
The process of a HUD home purchase using the FHA Teacher Next Door loan program moves very quickly. As soon as you are approved for the purchase of a HUD home, you only have a matter of days to make your down payment. For this reason, you should already have a letter of commitment showing your FHA loan approval ready before making any bids.
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