Colonial National Mortgage recognizes the value of education and the important role teachers play in the lives of our children and communities.
To increase home ownership among teachers, Colonial National Mortgage is pleased to accept an invitation to participate in the 2002 Texas Teachers Home Loan Program.
Special Benefits Just for Texas Teachers
Through bond money designated by the Texas Legislature, the 2002 Texas Teachers Home Loan Program makes it easy and affordable for Texas teachers to buy a home by providing low down payments and low interest rate mortgages.
Each homebuyer will receive financial assistance in the amount of 5.5% to offset closing costs and down payment.
Who is eligible?
To qualify for the 2002 Texas Teachers Home Loan Program, you must meet the following requirements:
- Resident of Texas for 5 years
- Classroom teacher for 3 years prior to the date of your mortgage application
- Borrowers cannot have owned a home in the past three years as their principal residence.
"Classroom teacher" is defined as an educator who is employed by a Texas school district and who teaches not less than an average of four hours each day in an academic setting. Those who teach in a career or technology instructional setting may also apply. However, teachers’ aides or full-time administrators are not eligible for the Texas Teachers Home Loan Program.
You may apply as a single borrower or with a co-borrower, as long as at least one of the borrowers is a teacher who meets the eligibility requirements above.
What types of properties are eligible?
Eligible properties are single-family primary residences, including houses, townhouses or condominiums. A mobile home or other factory-made structure, which is permanently affixed to real property, may be eligible depending on the facts and circumstances of each particular case. Properties must be located in the State of Texas.
What types of loans are available?
FHA, VA and Conventional loans are available through the Texas Teachers Home Loan Program, all with competitive rates and convenient terms. Our Loan Officers can explain all the options and find the loan just right for you.
Would you like more information?
Don’t wait! Funds from the Texas Teachers Home Loan Program will be allocated to borrowers on a first-come, first-serve basis. Colonial National Mortgage Loan Officers in any of our Texas Branches can provide you with more information and assist you with the application. We’ll be glad to assist you!
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2002 Texas Teachers Home Loan Program