HUD has combined the Teacher Next Door, Cop Next Door, Firefighter Next and Doctor Next Door into one program now called the Good Neighbor Next Door.
Here is how the Good Neighbor Next Door home buying grant program works:
Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/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% off the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.
Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits 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 very limited, may sell fast and the list of available properties changes weekly. Be sure to check available properties in your area!
Teacher Next Door Government Grant
Teacher Next Door is a government grant type of home buying program where teachers may be able to buy a home for 50% of the home value. Teachers must be purchasing a home within the school district in which they teach and may be subject to “targeted areas”. The home must be the primary residence.
Cop Next Door Government Grant
Home Buying program designed specifically for police officers. Now combined with Teacher Next Door, Doctor and Firefighter Next door into one program called Good Neighbor Next Door
Firefighter Next Door Government Grant
Home Buying program designed specifically for police officers. Now combined with Teacher Next Door, Doctor Next Door and Cop Next door into one program called Good Neighbor Next Door
Doctor Next Door Government Grant
Home Buying program designed specifically for Emergency Technicians. (Doctors are excluded). Now combined with Teacher Next Door, Firefighter Next door and Cop Next Door into one program called Good Neighbor Next Door.
Call Ron Pippin “The Loan Doctor” to learn more about the Good Neighbor Next Door, email Ron or fill out the form below and I will get right back to you!