How I Purchased My Dream Home On A Teacher’s Salary

We always talk about home ownership, loans, grants and different programs that you can explore to finally buy that home you have been dreaming to own. Today, it will be a bit different because I am going to be sharing with you a client’s homeownership experience in hopes that it will encourage you to explore some of these loan options for your own home purchase.

Below is her story in her own words.

Purchasing a home on a teacher’s salary is something that is not impossible but can be quite tough especially if you are a single parent – like me. An elementary school teacher teaching classes 3 and 5, my salary was just enough to afford me a decent size house on rent, a car (on monthly installments) and provide just enough to cover my home expenses and indulge my two daughters a bit. I never thought that I would be able to one day say that I am a homeowner, since piling expenses had led me to somewhat slide on the credit payments resulting in a lower credit score than is deemed eligible by most lenders – until a colleague suggested that I search for various government home loan grants – which is how I came to know about the ‘FHA Home Loan’ program.

This specific program is designed by the Federal Housing Administration exclusively for those families with low to moderate incomes and a low credit score. This program gave me hope because: 

A)      I was earning a pretty modest income (teacher’s salaries can’t buy you mansions unfortunately)

B)      My credit score was low

C)      I didn’t have enough cash reserves for a large down payment  

At first I wasn’t too sure about applying for a government home loan grant, however, all that changed when I saw the benefits that the FHA offered. Apart from providing financial assistance to those who are unable to afford a home, the program offers the following benefits to the applicant:

·         Lower and competitive interest rates 

·         Assisted with closing costs since the FHA enables the builder/lender/seller to pay a fraction of the closing costs during the time of the purchase

·         It was very easy to apply and qualify for the loan

·         The amount of information that was available online really helped me in my search for not only additional information about this program but also approved lenders in my area.

If you fit the above eligibility criteria, this is a program that I would recommend to all those who are searching for assistance in purchasing their homes – it turned my dream of owning a home in to a reality and I hope that it can help you achieve yours.

 Author Bio:

Joan G Zaldivar with his 20+ years of combined experience as Real Estate Agent and as Senior Home Loan Specialist is a wealth of knowledge plus helping buyers or sellers with homeloan grants and finding best home loan grants programs that best fit their needs and requirements. Read his articles to learn more about the different government home loan grants that are available to homeowners.