Home loans for teachers
Home loans for California teachers and school staff
Ten month contracts, summer pay and stipends shouldn't make buying a home confusing. I help educators qualify with confidence, use California down payment programs, and save at closing.
Hero Payment Worksheet
EXAMPLE NUMBERS · EDIT ANY FIELDEstimate only, 30 year fixed. Your actual rate depends on credit, loan amount and program. The example rate is not a quote. HOA not included.
How teacher income works for a mortgage
Lenders qualify you on your annual contract salary, so it doesn't matter if you get paid over 10 months or 12. If you're buying over the summer, your signed contract for the next school year does the job. Coaching stipends, summer school and extra duty pay can count too once you have a history of earning them.
Down payment help for educators
California has down payment assistance programs for first time buyers, and some local programs are built for educators and school staff. These can often be combined with a conventional or FHA first mortgage. I'll check which ones you qualify for based on where you work and where you want to buy.
Programs teachers use
- Conventional loans with as little as 3% down for first time buyers
- FHA loans with 3.5% down and flexible credit
- California and local down payment assistance programs
- VA loans for teachers who have served
- Hero savings at closing when you work with me
Keys for Those Who Serve savings at closing
Firefighters, law enforcement, EMS, military, healthcare workers and teachers, current or retired, get savings at closing on their loan. Ask me for the details on your scenario.
Questions heroes ask me
Teacher mortgage questions
Are there home loans for teachers in California?
Yes. Teachers can use conventional loans with 3% down for first time buyers, FHA with 3.5% down, VA if they've served, and California down payment assistance programs, some of which are aimed at educators. Teachers who work with me also get hero savings at closing.
Does summer pay affect my mortgage?
No, as long as your contract shows you're continuing next school year. Lenders look at your annual contract salary, whether you're paid over 10 or 12 months.
Can stipends and extra duty pay count?
Coaching stipends, summer school and extra duty pay can count with about a two year history.
I just started teaching. Can I buy a home?
Often, yes. A signed contract for a full time position is usually enough, especially if you were in school right before.
Do school staff qualify too?
Yes. Administrators, counselors, aides and support staff are all welcome. Ask me about your situation.