If you are a teacher and need assistance buying a home, many teachers buy HUD homes or other housing through the Good Neighbor Next Door Program.
The U. S. Department of Housing and Urban Development (HUD) offers a variety of programs to help people buy homes. One of HUD's programs, the Good Neighbor Next Door program, helps teachers buy HUD homes with affordable home loans.
The Good Neighbor Next Door Program ( GNND ) is an easy way to buy homes if you are a teacher, police officer or emergency medical technician. You can use this home loan program to buy a HUD foreclosed home or real estate through a traditional sale.
While HUD homes, which are foreclosed homes that had mortgages insured by the government, typically sell for less than market value, it can still be difficult to get a mortgage for one. The GNND program will help you get a home in a revitalization area. It only takes a few minutes to find out if you live in one of these areas. Once a house goes up for sale in one of these areas, you have up to five days to make a bid and buy that home.
Teachers buy HUD homes through this program because HUD cuts the sale price in half. For example, if the house has a list price of $100,000, you'll only pay $50,000 for that property. If multiple people make bids on the home, HUD will put all of the names in a lottery and pick a name at random. Even if you cannot get the first house that you want, there is a chance that you can buy another.
As long as you meet the eligibility requirements, you can buy one of the homes. HUD requires that you sign an agreement, which says that you'll live in the house for at least 36 months. If you move or sell the house before that time passes, HUD can charge you interest rates and other fees. Additionally, you can apply for Federal Housing Administration grants to help cover your down payment or closing costs.
To look at local real estate listings or connect with an agent who can help you, go to RealtyNow now. If you need more information on the GNND program, talk to a HUD housing counselor about the program details and your eligibility.