Who this covers
Schools To Home is open to anyone classified as full-time by a Colorado preK-12 public school, district, charter school, institute charter school, BOCES or innovation zone. That means teachers, paraprofessionals, bus drivers, cooks, custodians, nurses and office staff all count. There is no tenure rule. The lender checks your employer against the Colorado Department of Education's school list and documents full-time status with a paystub or written verification.
Whether part-time, substitute or contract staff can qualify has not been clarified by CHFA. Your employer's full-time classification is what matters.
Turning a school contract into monthly income
Freddie Mac spells out the rule for salaries paid over fewer than 12 months: divide annual pay by 12. Its own example multiplies the monthly check by 10, then divides by 12.
| Pay setup (illustrative $60,000 salary) | Check size | Monthly income for the loan |
|---|---|---|
| 12 equal checks | $5,000 | $5,000 |
| 10 checks, nothing in summer | $6,000 | $5,000 |
| 9 checks | about $6,667 | $5,000 |
The monthly figure is the same, which is the point. A lender should not read a big 10-month check as your monthly income. FHA, Fannie Mae, VA and USDA math for this case was not verified in their guide text, so your lender confirms it. Most will want your contract to show the annual amount.
Contracts and job stability
Freddie Mac says an annually renewable or term education contract supports continued income unless the lender knows otherwise. A one-year contract is not a red flag by itself. Keep your signed contract for the coming year handy if you buy in spring.
Extra pay: summer school, coaching and stipends
- Summer school: Freddie Mac treats it as seasonal or second-job income. It can count with under two years of history if the lender justifies it.
- Coaching and activity stipends: these are variable pay. Expect lenders to want about two years of history, sometimes 12 months.
- A second job, such as tutoring: FHA wants two years without a break for part-time work. Fannie Mae and Freddie Mac recommend two years and may accept 12 months.
Count the income cap too. Schools To Home stops at $178,920 in qualifying income statewide, regardless of household size. Extra pay that a lender counts adds to that figure.
New hires and people changing districts
Starting a job in August and buying in July is possible. The rules are tight.
| Agency | Closing before your first day |
|---|---|
| Fannie Mae | Signed, non-contingent offer naming the job, pay and start date. Option 2 needs a start date from 30 days before to 90 days after closing, fixed base pay, and reserves of six months of housing payments or enough to cover you until the start date plus a month. |
| Freddie Mac | Option 1: start no later than 90 days after closing, with extra funds verified to cover payments until then plus one month. |
| FHA | No offer-letter rule in its handbook. New graduates can use school enrollment to meet the two-year history. |
Schools To Home adds its own condition. You must be classified full-time at application and at closing. A signed contract that starts after closing may not meet that test. Ask your lender how the district's records will show your status on both dates before you set a closing date.
Two-earner school households and the cap
The $178,920 cap is a household-wide test of qualifying income, the income the lender uses to approve you. Illustration: a teacher earning $72,000 and a district IT tech earning $81,000 total $153,000. Both are under the cap with room to spare. Add $30,000 of a spouse's counted overtime from another job and the total is $183,000, over the line.
Only one borrower needs the full-time school job. The other can work anywhere. But CHFA does not allow co-borrowers who live elsewhere, so a parent who helps with income cannot join the loan unless they move in. A parent can still give a gift toward your $1,000 minimum and closing costs.
Timing the purchase around the school calendar
- Fall: take the CHFA homebuyer class and the Schools To Home "Understanding Your Financial Commitment" course. Each borrower must finish both.
- Winter: gather two years of W-2s and your current contract. Ask the lender to run your monthly income the way it will in underwriting.
- Spring: shop. Your class certificate lasts 12 months, and you must be under contract before it expires.
- Before summer break: collect a recent paystub while you are still on payroll, in case a lender wants one dated near closing.
Funding matters too. CHFA estimated the first $10 million covers about 125 purchases, and 85 buyers had used it by mid-September 2026. More investment is planned, but there is no public running total.
Student loans: one quick check
Many school employees are working toward Public Service Loan Forgiveness. That forgives the rest of a Direct Loan balance after 120 qualifying payments while working full-time for a qualifying employer, including public schools. For the mortgage, a $0 income-driven payment counts differently by loan type. Fannie Mae can accept a documented $0 payment. Freddie Mac and FHA use 0.5% of the balance. Schools To Home uses a Fannie Mae loan, which often helps here.
Paperwork list
- Two years of W-2s
- Current and next-year contracts, if issued
- Recent paystubs that show annual salary
- Stipend or summer school records for two years
- Student loan statements showing the current payment
With those in hand, check your eligibility for Schools To Home.
Questions
Do bus drivers and paraprofessionals qualify for Schools To Home?
Yes, if a Colorado public school employer classifies them as full-time. Any role counts, and there is no tenure requirement.
How do lenders count a 10-month teacher salary?
Freddie Mac divides annual pay by 12. Other agencies' formulas were not verified in their guides, so your lender confirms its method.
Can I close before my new teaching job starts?
Fannie Mae and Freddie Mac allow it in some cases with a signed offer and a start date within set windows. Schools To Home also requires full-time status at application and closing, so confirm the timing with your lender first.
Does summer school income count?
It can. Freddie Mac treats it as seasonal or second-job income and may accept less than two years of history with justification.
Other guides
- What will you owe back when you sell? Exit math for Colorado down payment help
- Which first mortgage goes with each CHFA program?
- How do lenders count overtime for Colorado firefighters, deputies and dispatchers?
- How do you budget for a first home in a high-price Colorado market?
- How much do metro district taxes add to a new Colorado home?
- What should first-time buyers check about a Colorado HOA?
- What rules apply to first-time buyers in Colorado mountain towns?
- How do deed-restricted and land trust homes work in Colorado?
- How does wildfire risk affect home insurance for Colorado buyers?
Check what you qualify for
Six questions, no credit check. Or call (800) 555-0100.
Start the eligibility check