3 Reasons To Ask Your Realtor For A Lender ReferralYou are one in a million if you have enough cash to buy a home! For most people getting pre-approved for a home loan is one of the first steps in
Good Neighbor Next Door HUD Discount Program
If you are eligible or know someone who is, please tell them about this!! This is a great opportunity!
Feel free to contact me for questions or assistance. I would be happy to help this great organization!
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 for five days.
The number of properties available is limited and the list of available properties changes weekly.
HUD offers a substantial incentive in the form of a discount, 50% off from the list price of the home. In return you must commit to live in the property for 36months as your sole residence.
For example, if HUD lists a home at $100,000 and the home is in the Lottery phase, a GNND buyer can buy it for $50,000 provided they occupy the home as their personal residence for the required 36-month occupancy period. If they qualify for any FHA-insured mortgage program, their down payment is only $100 and they may finance closing costs.
Who can qualify?
· Law Enforcement Officers
· Pre-K through 12th grade teachers
· Emergency Medical Technicians
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.
Eligible GNND buyers can find details on the program on the following Web page - http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm.