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Good Neighbor Next Door Program Mortgage Loan Program

mortgage loan program

Good Neighbor Next Door Program Mortgage Loan Program

Here is some information about the program.
mortgage loan programThe Neighbor Next Door initiatives are a collection of FHA’s home sales programs designed to help communities and promote homeownership.
Help a neighborhood! Buy a home through HUD’s Good Neighbor Next Door initiative designed to encourage renewal of revitalization areas by providing law enforcement officers, firefighters, emergency medical technicians and teachers an opportunity to purchase homes in these communities. HUD provides a substantial incentive in the form of a fifty percent discount off the list price of eligible properties.
Learn more about HUD’s Good Neighbor Next Door Sales program.
Law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. 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.
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 for seven days.
How to Participate in Good Neighbor Next Door
Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits an offer on a single home a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD’s regulations for the program.
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.
The number of properties available is limited and the list of available properties changes weekly.
To learn more, please see our Good Neighbor Sales  Frequently Asked Questions!
 
Good Neighbor Next Door Mortgages:
About Good Neighbor Next Door:
FHA Revitalization Area Sales Programs
HUD Homes:
Secretary-Held Assets Servicing Contractor

 

 

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