Program Helps the People Who Help Us

The Dept of Housing & Urban Development (HUD) is revitalizing neighborhoods by creating more quality homeowners who will improve their homes and surrounding area. Let’s look at the specifics:

Who?
•  Law Enforcement Officers
•  Pre-Kindergarten through 12th Grade Teachers
•  Firefighters
•  Emergency Medical Technicians

What?
The ability to buy a home for 50% of the list price. You don’t have to pay back the other half if you live in the home for at least 36 months.

Where?
Homes that qualify must be in revitalization areas that HUD has designated.  Checkout HUD Revitalization Areas.

When?
You can sell the home after 3 years and keep the profit. You don’t have to be a first time buyer to qualify. You just need to be ok with living in the selected neighborhoods that need some revitalizing.

Why?
To improve neighborhoods and benefit those who give to their community through their jobs.

How?
You must commit to living in the home for at least 3 years. If you use an FHA loan, your downpayment is only $100. You may also finance in your closing costs, making it very inexpensive to get into a home.

You may be able to use a 203k Rehab “fixer-upper” loan to help with fix up costs with this program.

Check out the neighborhood very carefully. You are making a big commitment living in this home for 3 years.

Your Buyers Agent and Mortgage Professional are going to be crucial advisors anytime you use a unique program like this.

Good Neighbor Next Door Half Price Homes, 4.0 out of 5 based on 1 rating

Choose a state from the drop-down menu for specific state information related to this lesson.

Select a State AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming