Homes owned by the U.S. Department of Housing and Urban Development (HUD) are now eligible to people, who qualify, at a 50% discount off the list price through the Good Neighbor Next Door Program. Law-enforcement officers, teachers, firefighters and other emergency medical technicians who work full time can reap the benefits of this costs-savings program.
To qualify, homebuyers couldn’t have previously partaken in Good Neighbor Next Door, and the home must be zoned in what HUD calls a “revitalization area.” The purpose is to promote growth in these areas through homeownership.
People who utilize Good Neighbor Next Door must commit to live in the property for 36 months as their only residence. HUD will also require them to sign a second mortgage and note for the discount amount, however, no interest or payments are required on this, as long as they meet their end of the three-year residency agreement.
A small down payment is required, too, but homebuyers may finance all closing costs associated with the home sale.
If you are a law-enforcement officer, teachers, firefighter or any other emergency medical technician — or if you know someone who is — you can peruse through HUD-owned homes on HUDHomeStore.com. Simply follow the prompts on the homepage.
For more information on Good Neighbor Next Door, or if you have any mortgage-related questions, call 813-707-6200 .
Are you a first-time homebuyer? Check out the FHA loan by clicking here!
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