HUD homes at 50% off Available for Teachers, Police, Firefighters, EMTs and more...
The downturn of the real estate market brought about many foreclosures. Some neighborhoods were affected worse than others from city to city. To help bring these neighborhoods back, HUD, a division of the Federal Government, established the “Good Neighbor Next Door” program.
This program is geared toward those who have a job that is based in the community where they are buying a house such as Emergency Medical Technicians, Firefighters, Law Enforcement and Teachers. By buying a home that has been foreclosed and is left vacant, these professionals are contributing to revitalizing the surrounding community. The buyer will get a 50% discount off the listed price when buying a HUD property when they make the commitment to stay in the house for a minimum 36 months.
There are homes that once they are foreclosed on and have gone through all the due process, are put into HUD’s inventory, which is currently overflowing. The single family homes that are located in areas that are in need of revitalization and placed in the Good Neighbor Next Door Sales program.
You first need to confirm you meet the requirements. First requirement is your employment must be a Emergency Medical Technician, Firefighter, Law Enforcement or Teacher.
Then find a home you’re interested in. Every state has it’s own listings, which you can find on the HUD website. The lists are updated weekly and properties only stay for 7 days. Along with the listings are the instructions how to submit interest in buying a specific home from the list. When there is multiple parties on one property, the choice of who is awarded the purchase is a random lottery.
Once you have a property selected and it is awarded to you by HUD, you will be required to sign 2 mortgages. One for the discounted price you’re purchasing the property for and a second mortgage for the 50% discounted amount. Provided that you stay the required 36 months or longer, the 2nd mortgage is null and void.