Yes it is true!
HUD wants to make it clear that they appreciate the sacrifices and commitment to keeping communities strong throughout the USA. Law enforcement officers, teachers- pre-kindergarten through 12th grade, firefighters & emergency medical technicians can become homeowners through the Good Neighbor Next Door Sales Program sponsored by HUD while contributing to community revitalization.
A nice break for our police officers!
HUD offers a discount of 50% from the list price of the home.
How it works
You can get a 50% discount off the HUD appraised value. For example, if HUD lists a home at $200,000, you can buy it for $100,000 provided, you occupy the home as your personal residence for 36 months. If you qualify for any FHA-insured mortgage program, your down payment is only $100 and you can finance closing costs.
You have to use a real estate broker or agent to buy the home
The purpose of the program is to strengthen communities by encouraging employed, professional law enforcement officers, teachers and firefighters & emergency medical technicians to live in the community. You will have 30, 90 or 180 days to move into the home you purchase, depending on HUD's determination of the condition of the home and the level of repairs that may be required, if any.
A great benefit for our brave fire fighters
You must live in the home as your sole residence for a full 36 months
Beware: HUD views the occupancy obligation seriously and vigorously pursues violators to the fullest extent of the law.
The 30th, 90th or 180th day is the start date for the occupancy period. You are released from all obligations under this program at the end of the 36th month following the start date.
The homes are located in revitalization areas as defined by HUD
Search here for designated areas
Locate an address using HUD's map
You can use FHA, VA, or conventional mortgages, or even cash
HUD requires you to sign a Second Mortgage and Note on the discounted amount (which is $50,000 in the example above). No interest or payments are required on this "silent second" mortgage if you live in the home for the entire 36 month occupancy period. You may be required to pay a pro-rata portion of the discount to HUD should you fail to fulfill the three year occupancy requirement.
After living in the home for three years you may sell it and keep the profit!
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Nevini - that's a pretty impressive program. What a great opportunity for those who give so much and yet are so often not in a position to buyin the very communities in which they serve.
Jeff
Jeff - I thought it was really neat. Too bad so many mortgage brokers avoid sharing the program highlights.
Nevin - thank you SO MUCH for getting the word out about this outstanding program! Quite honestly, everyone involved in this program "wins"!
Leesa - Yes they do! Let's hope they are taken advantage of by our police, firefighters, emergency medical techs and teachers
THis is such an incredible program and opportunity for professions that benefit our community so much! Ways to pay it forward!!
Renee - It sure is! Perhaps they are not aware of it. Hopefully agents can help spread the word amongst their local police, firefighters and teachers. It's something of value and a foot in the door to meet these folks further branding yourself as the expert in yor area.
Nevin, Great info for those dedicated professionals. I have to pass this info along. Thanks and have a great week!
Sandy - Thank you! I hope it nets you some business : )
This is only the best home buyer program ever for those who selflessly give of themselves everyday.
Great information Nevin.
And great job getting this message out there.
Craig - thanks! Maybe a trip to the police station or fire station with this info wouldn't hurt eh?