Teachers, Policeman, Firefighters, & EMT'S do you know about The good neighbor next door loan program?

The Good Neighbor Next Door Program is a program geared toward Public servants such as teachers, firefighters, Policeman, or EMT's which helps assist them in buying homes located in the community they work in. Public servants in these fields can receive 50% off  HUD's appraised value. These homes are located in different areas it is part of the HUD revitalization program. How do you know if your eligible? Below is the criteria taken directly from the HUD website....

You may participate in the Good Neighbor Next Door program as a law enforcement officer 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 Good Neighbor Next Door program as a Teacher 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 pre-kindergarten through 12. In addition, 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.

*Firefighter/Emergency Medical Technicians

You may participate in the Good Neighbor Next Door program as a Firefighter/Emergency Medical Technician if you are employed full-time as a firefighter or emergency medical technician 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.

You are able to use any financing of your choice to obtain the home. Whether it is Conventional, VA, FHA choose the one that is right for you.  HUD requires buyers to sign a second mortgage or note for the difference. Before you rule this loan out understand the second mortgage or note lies dormant. This means no payments are made on it and interest does not accrue on the second mortgage or note. Once you sell the home HUD is given the discounted portion anything over that is yours.

FYI****

You must live in the home for a mandatory 36mo. Remember the purpose of this loan is to strengthen the communities. Therefore they want these individuals to live and work in those communities.

* This loan is only for owner occupants  1-4 family unit dwellings*

* You must still put down an earnest deposit of 1% of the purchase price but it cannot be less than $500.00.

if the offer is rejected you receive the earnest money deposit back if it is accepted it goes toward your closing credits

*There are penalties for buying through this program and not being an owner occupant for 3years.

*You can pair this loan program with the 203k rehab loan program talked about in a previous blog.

* One of the best perks is down payment on a HUD HOME is just 100.00.

If you are currently working in one of these fields and would like to know more about this program or know someone that may be eligible let me know. They do so much for our communities by putting there lives on the line to protect us, Educating our children, and safeguarding us against fires and other disasters it's time to give back..