Teachers bring underwriters something rare: stable, verifiable, contract-backed income. The obstacles are usually the down payment and making sure all your income counts, the stipends, summer school, coaching, and tutoring that many lenders leave on the table. Jackie doesn't.
The toolkit for educators
- Low down payment conventional, from 3% down for qualifying first-time buyers
- FHA loans, 3.5% down with flexible credit guidelines
- CalHFA and assistance programs, California offers down payment and closing cost assistance that school employees frequently qualify for; availability changes, so Jackie checks current programs at the time you apply
- Gift funds, family help can cover most or all of the down payment on many programs
- VA loans, $0 down for teachers who served
Frequently asked questions
Are there special mortgage rates just for teachers?
Be careful with "hero" marketing, many programs with teacher branding are ordinary loans with a sticker. The real value is in assistance programs, correct income treatment, and honest pricing comparisons. Jackie shows you the actual numbers side by side.
Can I qualify with a new teaching contract?
Often yes, a signed contract for the coming school year can support qualification even before classes start, particularly for credentialed positions.
Does my part-time tutoring or coaching income count?
With sufficient history, yes. Two years is the standard for side income, though stipends attached to your primary contract are often easier. Documentation strategy is exactly the kind of thing to sort out early.
What if my spouse is self-employed?
Common and solvable: your W-2 stability pairs well with bank statement documentation for a self-employed spouse, or the file can qualify on one income if that's stronger.