Teacher Next Door Program and Other Home Buyer Assistance for Educators

Trying to buy a home on a teacher's salary can be difficult, but there are national, state, local and lender-specific programs that can provide some relief. Doing your homework — sorry, we couldn't resist — could help you save thousands of dollars through home loans for teachers, as well as closing cost and down payment assistance.

Teacher Next Door program

Teacher Next Door is a national homebuying program that helps teachers, administrators and educational support staff, including coaches, maintenance staff and bus drivers, find housing assistance programs and benefits. The program directly offers eligible home buyers grants of up to $9,000, which don't have to be repaid. Its counselors can also connect you with down payment assistance of up to $24,000.

Additional benefits may include:

• Discounted title insurance and home inspections

• Appraisal rebate

• Real estate agent rebate (must use a program-referred agent or an agent already affiliated with the program)

Availability:

• Programs available in all 50 states; structure varies by city and state

• Eligibility details provided after completing a pre-application form

You don't pay for Teacher Next Door's services, so what's the catch? Teacher Next Door isn't a government program or a nonprofit; it's a private agency. In order to take advantage of its services and benefits, you'll work with one of its select network of preferred lenders. That means that you won't be able to shop for a lender or compare mortgage rates.

That said, completing the Teacher Next Door pre-application won’t impact your credit score, so it may be worth pre-applying and speaking with a representative to learn about your eligibility.

Homes for Heroes program

Homes for Heroes Inc. offers a suite of discounted services to home buyers who are current or former teachers, from pre-K all the way to postsecondary. (Other jobs within the education system may qualify, too; contact Homes for Heroes to learn more.)

Working with Homes for Heroes can help offset the costs of buying, selling or refinancing a home, including title costs, home inspections, and real estate agent commissions. Homes for Heroes says home buyers and sellers who use its services save an average of $3,000.

» MORE: How the Homes for Heroes program works