HUD Good Neighbor Next Door Program
Everyone knows that
FIREFIGHTERS, POLICE OFFICERS, TEACHERS and EMERGENCY MEDICAL TECHNICIANS are the building blocks of a stable middle class community.
And here is the great news!
Now, these professionals can purchase HUD homes for 50% off the list price!!!
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Firefighters and Police Officers Can Get 50% Off The List Price of Some Houses
Want a hefty discount on a house?
The federal government has a new program to revitalize communities through homeownership.
Everyone knows that firefighters, police officers, teachers (
pre-Kindergarten through 12th grade) and emergency medical technicians are the building blocks of a stable middle class community. Now, those professionals can purchase HUD homes for 50% off the list price.
Of course there’s a catch. The homes must be located in specific “
revitalization areas” and listed exclusively for sale through the Good Neighbor Next Door Sales Program. Each state has listings. Check the listings in your state here.
The homes qualify for VA, conventional or FHA loans, including the 203(k) rehab program.
A 3-bedroom, 2-bath HUD home in Oakland, CA. Listed for $351,500. Using the Good Neighbor Program, it could be purchased for half price.
Here’s how it works:
Eligible buyers get a 50% discount off the HUD appraised value. So if a house is listed for $200,000. You can buy it for $100,000.
A second “silent” mortgage is held for the balance of the home value. The second-silent amount is not factored into mortgage or interest payments.
Buyers must occupy the house for at least 36 months.
If using a FHA loan program, you can finance the closing cost, and your down payment would only be $100.
Buyers must use a real estate broker to purchase these homes.