As a teacher, do you feel like it’s impossible to buy a home?

If so, are these the reasons why?

• Don’t think you can afford it?
• No money for a down payment?
• Too much student loan debt?
• Not sure where to start?

These are understandable concerns — but what if they are all wrong?  What if the only thing preventing you from owning a home are false assumptions?

See what’s possible [real world example]. 

Here’s a townhome I recently listed in Wescott Plantation in Summerville.

This could be a great first home for several reasons.  It’s well below the median home price.  It’s centrally located in a desirable community, and it’s low maintenance.  Unfortunately, many teachers will miss out on this opportunity because they “assume” they can’t afford it.  However, there are several home buying programs and resources that exists to make it possible for teachers to buy a home like this!

Let me show you one of my favorites.

Ameris Bank’s Down Payment Grant Program

Ameris Bank is offering eligible first-time homebuyers up to $12,500 toward a mortgage down payment and closing costs.*

This program offers first-time homebuyers up to 4% of the purchase price, with a maximum of $12,500, to use toward a down payment and closing costs. The assistance is provided in the form of a second mortgage that is forgivable after 5 years in your home whereas most comparable programs require 10-15 years.  The funds are only eligible to use in conjunction with a Fannie Mae HomeReady or Freddie Mac Home Possible first mortgage program originated through an Ameris Bank that require down payments as low as 3%.

So what does this actually mean for you?

Kayce Dumas, with Ameris Bank in Mount Pleasant, put together an example scenario to show how teachers can benefit from this program.

Let’s use 9111 Maple Grove Dr (above) as the example:

The table above breaks down the costs associated with purchasing.  As you can see, a 3% down payment for this home would be $7,800.  But remember, Ameris Banks’s Down Payment program offers up to $12,500 in down payment and closing costs assistance!  That means, for this property, you could recieve $7,800 for your down payment and another $2,600 to go towards closing costs!  Estimated closing costs for this property would be roughly $5,000 which means you would need to pay the remaining $2,400 or you can try to negotiate for the seller to pay those costs.

Discount Points

With the recent rise in interest rates, it could make financial sense to “buy down” the rate.  That just means you pay more cash upfront to get a lower rate and therefore a lower monthly payment.  The example above shows a rate buy down of 1.868.  The exact amount it would cost varies and changes often but a ballpark would be between $3,000 – $5,000.

In Simple Terms

In the example above, it’s possible to purchase the home for $260,000 and pay only $5,400 – $7,400 out of pocket with a monthly payment of $1,817.56.  (Note:  If you didn’t “buy down” the rate, you would need less cash upfront but your monthly payment would increase.)

If you (or your Realtor) can negotiate additional closing costs to be paid by the seller, your upfront costs would decrease even more!  In fact, it’s possible you could purchase the example above for as little as $1,500 – $3,000 out of pocket!  I know that may seem hard to believe but its true!

What’s Next?

If you would like to see what’s possible for you, schedule a call with me.  A 15 minute call can have you on the track to homeownership!

Schedule A Call →

*All loans are subject to credit approval and eligibility requirements may apply. The Ameris Down Payment Grant Program is in place for up to three years, or until the funds are earlier exhausted.  The grant provides up to 3% of the purchase price toward the down payment and up to 1% of the purchase price toward eligible closing costs.  Borrower(s) must reside at the subject property for a retention period of five (5) years. In the event of a sale, transfer or assignment of title of the property, or if borrower no longer occupies the property as borrower’s primary residence, in each case prior to the end of the retention period, an amount equal to a pro rata share of the total grant, reduced for every month the borrower has owned the property, must be repaid to Ameris Bank.  At least one borrower must be a first-time homebuyer. An individual is to be considered a first-time homebuyer who (1) is purchasing the security property; (2) will reside in the security property as a principal residence; and (3) had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the security property. In addition, an individual who is a displaced homemaker or single parent also will be considered a first-time homebuyer if he or she had no ownership interest in a principal residence (other than a joint ownership with a spouse) during the preceding three-year time.

**Payments based on 360 monthly payments, minimum 750 credit score, primary residence only. Estimated payments do not include hazard insurance (if applicable), fees and closing costs and may not include homeowners insurance and/or property taxes. VA loan option includes estimate for VA funding fee in monthly payment. FHA and USDA loan option includes upfront and monthly mortgage insurance in monthly payment. Mortgage insurance estimate provided by Arch MI and not guaranteed. Note the actual payment obligation may be greater. Terms and closing cost may vary. Additional financing and loan terms are available. Not a commitment to lend. Not available in all states. The borrower must meet the qualification criteria. Property Disclaimer: Pricing and features subject to change without notice. The interest rates and Annual Percentage Rates shown in these examples were effective as of 10/26/22. Rates are based on credit worthiness subject to change without notice. Borrowers have the option to work with a lender of choice and are not obligated to apply for financing with Ameris Bank. The broker, realtor, builder or third party referenced below is an independent third party and not affiliated with, or a subsidiary of, Ameris Bank.