The Department of Housing and Urban Development (HUD) has introduced a new housing program that is designed to “make American communities stronger and to build a safer nation”. The name of the program is The Good Neighbor Next Door Program (click link for details from HUD’s website), and it offers HUD-owned homes at a substantial discount to law enforcement officers, teachers, firefighters, and emergency personnel in revitalization areas.
The discount is for 50 percent off the appraised HUD value.
Some further details of the program:
- The home being purchased must be owner-occupied and the primary residence.
- The buyer may finance the home purchase through FHA, VA, or conventional mortgages.
- If financing through the FHA, only a $100 downpayment is required.
- The buyer must sign a second mortgage for the amount of the discount. No payments or interest are required on this amount as long as the buyer stays in the home for 36 months.
- The home must be in a “revitalization zone”. Check HUD’s website for a listing of homes.
- For further details, click here.
All in all, this seems like a pretty decent program, except for the limited number of homes and limited number of areas that the program works in. Additionally, some of the revitalization zones are not necessarily the most desirable places to live. That said, if you can take advantage of this, it is a pretty awesome deal.
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