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Good Neighbor Next Door Program

Another special program that is available for financing HUD repo properties is something called “the good neighbor next door program“.  This program is available to certain kinds  of borrowers trying to purchase a HUD repo home, HUD will make a loan for up to 50% of the value of the house that will be used as a purchase money 2nd.  You can get the remaining financing through a company like mine, but here’s what is really amazing.  This HUD 2nd is a “silent 2nd” which means that you will not have to make payments on it… AND if you stay in the property for at least 3 years, the loan is FORGIVEN!  So basically you can get a HUD home for 1/2 off!  Wow.

Who can participate?

All participants must be employed full-time by a federal, state, county, municipal government, Indian tribal government, division of local government, or public/private school. Current homeowners CAN NOT participate and neither you nor your spouse could have owned any other residential real estate for 1 year prior to lottery submission.

Law Enforcement Officers
You must be sworn to uphold and make arrests for violations of federal, state, county, or municipal law. Your employer must certify that you are a full-time officer with unlimited general powers of arrest. Law Enforcement officers are restricted to the boundaries of their authority to make arrest. Municipal, county, and state agencies usually have power of arrest throughout the entire state. Therefore, they are allowed to be entered into any property in the state. Federal Law Enforcement officers are the only area UNRESTRICTED participants in the GNND program.

Teachers
You must be state certified or accredited and employed full time by a public or private school grades Pre K-12th grade. You are restricted to homes that are located in the area or School District serviced by your employer.

Firefighters & Emergency Medical Technicians
You must be employed full time by a unit of a federal, state, or general local government, or an Indian tribal government. You are restricted to homes that are located in your employer’s service area.

(info source- www.goodneighbornextdoor.com)

GOOD NEIGHBOR NEXT DOOR PROGRAM DETAILS

Contact Me to receive a list of available HUD Homes from my Realtor partner

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