The Educator Mortgage Program offers eligible borrowers a closing-cost credit equal to 0.20% of the funded loan amount, capped at $800. Every term below is named directly on Educator Mortgage’s own site.
The Educator Mortgage Program is offered through Everett Financial, Inc., doing business as Supreme Lending, NMLS #2129. It combines a mortgage closing-cost credit with possible real estate fee savings and a donation to the borrower’s preferred school program. It isn’t a government grant, and the mortgage itself still requires qualification, approval, and funding through the lender.
How To Get The Educator Mortgage Program Teacher Discount
A borrower applies through the Educator Mortgage Program and closes an eligible Supreme Lending loan. The borrower credit is 0.20% of the funded loan amount, up to the lesser of $800 or the total closing-cost amount. Bond Programs aren’t eligible. The page doesn’t give a complete teacher-employment document list, so applicants should ask the lender what proof applies to their role. The site currently lists lending in 49 states, and Massachusetts isn’t among them. New York is listed, but the footer says its New York website authorization is pending, so applications for New York properties aren’t accepted through the site while that stands.
How The Percentage Credits Work
The headline caps require a large enough loan. On a $400,000 funded loan, 0.20% is $800, reaching the closing-cost cap. On a $200,000 loan, the same calculation is $400. The real estate fee credit uses the same 0.20% of the loan amount and has its own $800 maximum, but it’s subject to a real estate agent’s participation. Supreme Lending says it will make best efforts to identify a participating agent and doesn’t guarantee participation. Together, the two credits can reach $1,600, but neither cap is automatic.
The Preferred School Donation
The site advertises up to $400 in donations on a home purchase and $200 on a refinance. Its terms explain that Supreme Lending’s donation equals 0.05% of the loan amount, capped at $200. A participating real estate agent may add another 0.05%, also capped at $200 and subject to participation, which is how a purchase can reach $400. The borrower chooses the preferred school program. Teachers comparing this with other workplace-related money programs can browse financial benefits for teachers.
Q&A
Q: How much are the reduced closing costs?
A: The credit is 0.20% of the funded loan amount, capped at the lesser of $800 or total closing costs.
Q: What does a $200,000 loan receive?
A: At 0.20%, the closing-cost credit is $400, assuming the loan and costs are eligible.
Q: Is the separate $800 real estate credit guaranteed?
A: No. It equals 0.20% up to $800 and depends on real estate agent participation.
Q: How much can go to my preferred school?
A: The site advertises up to $400 on a purchase and $200 on a refinance, with part of the purchase amount dependent on agent participation.
Q: Is the program available in New York?
A: The current site doesn’t list New York and says applications for New York properties aren’t accepted online while website authorization is pending.
Q: Do Bond Programs receive the credit?
A: No. The program terms exclude Bond Programs from the lender closing-cost credit and donation.
More Information:
Confirmed directly on the Educator Mortgage Program’s own website and program terms.
