Thursday, July 22, 2010

Teachers and Home Buying

Teachers generally have job security after a couple of years. Because of this, they make good credit risks for home loans. If you can afford it, plan to stay for a long time, then almost any time is right to buy a home. The interest rates on mortgages are at historic lows.

HUD has a program where teachers can get up to 50% of the house taken off.

Here are some other deductions that teachers and anyone who own homes can get.

The mortgage interest. A lot of people think that buying a home is so much better because of the interest deduction. But renters don't have a house payment and renting can be cheaper than buying, deduction or not. But the deduction is something.

Private Mortgage Insurance, PMI can also be deducted in certain situations.

Points if you refinanced.

If you qualify, you can also deduct moving expense for more than 50 miles. This should certainly be looked into for some people. Let's say you lived 40 miles east of Los Angeles, then moved 40 miles north or south. The distance may be 50 miles. If you move to another state especially!

If you sell your home, you don't have to claim any income on the profits if it is less than $250,000.

Times change, but homeownership never does. Teachers should buy a home, any time, if their situation is right. Don't believe the hype. Buy a home to live in long term, not as an investment or ATM. Many people go into trouble doing that!

>>Read more information on teachers and home loans.


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