Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.
How the Program Works: Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for five days.
HUD requires that the borrower sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that they fulfill the three-year occupancy requirement.
The number of properties available is limited and the list of available properties changes weekly.
Law enforcement officers, pre-K through 12th grade teachers and firefighters/emergency medical technicians are eligible to purchase home through this program.
The selected bidder may purchase the property at a 50 percent discount from the list price. For example, if a HUD home is listed for $100,000, an officer can buy it for $50,000. To make a HUD home even more affordable, the borrower may apply for an FHA-insured mortgage with a down payment of only $100 and they may finance all closing costs.
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