REAL ESTATE TODAY
Real estate for sale at 50 percent off
Do you know any law enforcement officers, teachers (pre-K through 12), firefighters, or emergency medical technicians (EMTs)? If you do, then let them know about a recent U.S. Department of Housing and Urban Development (HUD) program. HUD wants to make American communities stronger, promote home ownership, and take an active role in revitalizing our cities. HUD has created the Good Neighbor Next Door (GNND) program to improve the quality of life in revitalization areas by encouraging police officers, teachers, firefighters, and EMTs to purchase and live in homes in these communities.
The benefits to the buyer are fantastic. The buyer can purchase a GNND property at 50 percent off the current market value price as determined by Federal Housing Authority appraisers. For example, if a home has a list price of $500,000, a participant can buy it for $250,000. There is no price negotiation – the listed price is the purchase price. HUD requires that you sign a second mortgage for the discount amount. No interest or payments are required on this “silent second” provided you fulfill the three-year occupancy requirement. The buyer can also apply for an FHA-insured mortgage with a down payment of only $100 and can finance all closing costs, repairs, improvements, appliances, and all acquisition expenses. Once again, buyers must commit to live in the property for three years as their sole residence. After the three years, the buyer can sell the home and keep the profit. You can’t be a present homeowner, but you can have previously owned a home.
This program pertains to eligible single-family homes in revitalization neighborhoods, which are determined by a combination of average household income, homeownerships rates, and FHA-insured mortgage foreclosure activity. The Feds have already chosen certain revitalization neighborhoods and may be developing more in the future.
Buyers must meet certain participation requirements.
• Law enforcement: You qualify if you are employed full-time by a law enforcement agency of the federal government, a state, a unit of general local government, or an Indian tribal government, and in carrying out such full-time employment, you are sworn to uphold and make arrests for violations of federal, state, tribal, county, township, or municipal laws.
• Teachers: You may participate in the program if you are employed as a full-time teacher by a state-accredited public school or private school that provides direct services to students in grades prekindergarten through 12. The public or private school where you are employed as a teacher must serve students from the area where the home you are purchasing is located in the normal course of business.
• Firefighters and EMTs: You qualify if you are employed full-time as a firefighter or an EMT by a fire department or emergency medical services responder unit of the federal government, a state, unit of general local government, or an Indian tribal government serving the area where the home is located.
The number of properties available is limited and the list of available properties changes weekly. HUD will be putting more properties on the market in the future, so there should be great opportunities coming up for the law enforcement officers, teachers (pre-K through 12), firefighters, and EMTs that we know. Let them know about the program!
The benefits to the buyer are fantastic. The buyer can purchase a GNND property at 50 percent off the current market value price as determined by Federal Housing Authority appraisers. For example, if a home has a list price of $500,000, a participant can buy it for $250,000. There is no price negotiation – the listed price is the purchase price. HUD requires that you sign a second mortgage for the discount amount. No interest or payments are required on this “silent second” provided you fulfill the three-year occupancy requirement. The buyer can also apply for an FHA-insured mortgage with a down payment of only $100 and can finance all closing costs, repairs, improvements, appliances, and all acquisition expenses. Once again, buyers must commit to live in the property for three years as their sole residence. After the three years, the buyer can sell the home and keep the profit. You can’t be a present homeowner, but you can have previously owned a home.
This program pertains to eligible single-family homes in revitalization neighborhoods, which are determined by a combination of average household income, homeownerships rates, and FHA-insured mortgage foreclosure activity. The Feds have already chosen certain revitalization neighborhoods and may be developing more in the future.
Buyers must meet certain participation requirements.
• Law enforcement: You qualify if you are employed full-time by a law enforcement agency of the federal government, a state, a unit of general local government, or an Indian tribal government, and in carrying out such full-time employment, you are sworn to uphold and make arrests for violations of federal, state, tribal, county, township, or municipal laws.
• Teachers: You may participate in the program if you are employed as a full-time teacher by a state-accredited public school or private school that provides direct services to students in grades prekindergarten through 12. The public or private school where you are employed as a teacher must serve students from the area where the home you are purchasing is located in the normal course of business.
• Firefighters and EMTs: You qualify if you are employed full-time as a firefighter or an EMT by a fire department or emergency medical services responder unit of the federal government, a state, unit of general local government, or an Indian tribal government serving the area where the home is located.
The number of properties available is limited and the list of available properties changes weekly. HUD will be putting more properties on the market in the future, so there should be great opportunities coming up for the law enforcement officers, teachers (pre-K through 12), firefighters, and EMTs that we know. Let them know about the program!
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