Every now and than it's good to remind everyone of existing mortgage programs that sometimes provide extra help for your home buyer. The Good Neighbor Next Door Program offers HUD owned single family homes to eligible participants at a 50% discount.
Law officers, teachers, and fire fighters/emergency medical technicians who meet all other requirements of the program are eligible to participate. The type of loan used to purchase the home can be an FHA, VA, or conventional mortgage. If you qualify, HUD/FHA will sell you the home at a 50% discount and the down payment on an FHA loan is only $100. You must agree to live in the property for at least three years. Essentially HUD has given you a soft or silent second on the home that is forgiven if you meet the occupany requirements. Follow this link for a full explanation of the program,Good Neighbors Next Door Program.
What's the catch? HUD has to designate homes in their inventory as eligible for the program. Not every HUD owned home is designated as eligible. In Harris County, Texas there is only one home eligible for this program at the writing of this blog post.
How can you check to see which homes are available in your area? Simply go toHUD HOME STORE, enter your state, enter your county, enter buyer type "Good Neighbor Next Door" and click search.
You might get lucky and find a home for your eligible buyer at a 50% discount. It's worth checking and, if nothing else, your buyer will appreciate the knowledge you've shared when your competition never mentioned it
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