SAVE 50% off the purchase of your home
What is the Good Neighbor Next Door Program?
- The Good Neighbor Next Door program is specifically designed to provide a unique opportunity for law enforcement officers and teachers (pre-K through 12th grade) and firefighters/emergency medical technicians to purchase and occupy eligible HUD REO properties located in revitalization areas with a substantial incentive, while contributing to community revitalization.
- HUD will offer a 50% discount off the list price of the home and in return you must commit to live in the property for 36 months as your sole residence.
- Eligible borrowers must qualify for an FHA mortgage program – borrowers may be able to finance in all closing costs and pre-expenses with a cash investment of only $100.00 if the HUD REO Sales Contract indicates the property is eligible for this type of financing.
How does the program work
- Check the listings for you state at http://www.hudhomestore.com/Home/Index.aspx :The number of properties available is limited and the list of available properties changes weekly.
- Follow the instructions to submit your interest in purchasing a specific home.
- You must meet the requirements for a law enforcement officer, teacher, firefighter or EMT and comply with HUD’s regulations for the program.
- HUD requires you sign a second mortgage and note for the discount amount. No interest or payments are required on this “silent second” provided that you fulfill the three year occupancy requirement. At the end of the three year period, the second mortgage is forgiven and the homeowner keeps all equity in the home.