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HUD Good Neighbor Next Door Program - How can participate?

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HUD Good Neighbor Next Door Program - How can participate?

Law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians can contribute to community revitalization while becoming homeowners through HUDs Good Neighbor Next Door Sales Program. The U.S. Department of Housing and Urban Development (HUD) wants to make American communities stronger and to build a safer nation. The Good Neighbor Next Door program helps make this goal a reality by encouraging law enforcement officers, pre-K through 12th grade teachers, firefighters and emergency medical technicians to become homeowners in revitalization areas. 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.

Who Can Participate?

Law Enforcement

You may participate in the Good Neighbor Next Door program as a law enforcement officer if you are employed full-time by a law enforcement agency of the federal government, a state, a unit of general local government, or an Indian tribal government; and, in carrying out such full-time employment, you are sworn to uphold, and make arrests for violations of, federal, state, tribal, county, township, or municipal laws.

Teachers

You may participate in the Good Neighbor Next Door program as a Teacher if you are employed as a full-time teacher by a state-accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12. In addition, the public or private school where you are employed as a teacher must serve students from the area where the home you are purchasing is located in the normal course of business.

Firefighters / Emergency Medical Technicians

You may participate in the Good Neighbor Next Door program as a Firefighter/Emergency Medical Technician if you are employed full-time as a firefighter or emergency medical technician by a fire department or emergency medical services responder unit of the federal government, a state, unit of general local government, or an Indian tribal government serving the area where the home is located.

How the Program Works

Eligible Single Family homes located in revitalization areas are listed exclusively for sale through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program forseven days.

HUD requires that 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. If you qualify for any FHA-insured mortgage program, your downpayment is only $100 and you may finance closing costs.

You do not need to be a first time home buyer to qualify for the Good Neighbor Program. However, you may not own any other residential real property at the time you submit your offer to purchase a home; and for one year previous to that date.

You must use a real estate broker or agent to buy a home through the Good Neighbor Program. The number of properties available is limited and the list of available properties changes weekly.