Monday, May 31, 2010

Does anyone have any information about teacher program loans from Bank of America?

I am looking to buy some land and put a house on it. I need a loan and I am a teacher. I was wondering what qualifications and stipulations are there in place. Any other additional information would be useful too.

Not sure about BOA specifically. HUD has a "Good Neighbor Next Door Program"

"Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence."

This one is for specific available properties & mentions nothing about new construction.

I doubt they have any special teacher loans for lot or construction loans. What you need depends on how long it will be before you start construction. If you plan to wait a while, you need a lot loan. If you plan to start construction immediately, you can probably get a one-time-close construction to permanent loan, but their won't be any special provisions for teachers.

Those loans are just like Fannie Mae's My Community mortgage, but they may have higher debt ratio alllowances.

Ohio has an Ohio Heros program for teachers, police, firemen, veterans and medical professionals which provides a special discounted rate among other things, but there is no construction feature for these programs.

If you think BOA has anything special, pick up a phone and call them.

Good luck!