This is an FHA program designed to revitalize certain neighborhoods and get people on the track of homeownership. The buyer is credited 50% of the list price of the home which they must occupy as their primary residence for 36 months. Teachers, law enforcement officers, firefighters & emergency medical technicians are all eligible for the program.
This week I have helped a young couple that teaches here in Denver get into a home using this program. Up until the beginning of the summer they thought homeownership just wasn’t in their future until they came across this HUD Good Neighbor Next Door Program in Denver and realized that this opportunity was just too good to pass up. The homes are sold AS-IS condition and HUD doesn’t pay the buyer’s real estate closing costs nor the buyer’s agent fees.
The good news is if a home buyer has time and patience one is given the right to home inspections of the property before submission of earnest money. So even if the property is sold AS-IS the buyer can be aware of problems before continuing with the home buying process. Lastly, FHA has a $100 down-payment program that can be used in conjunction with financing the buyer’s real estate closing costs and the buyer’s agent fees. Taking advantage of this program is the best choice this young couple made in building their financial wealth, not to mention that they are now Homeowners!
The process is very specific and involves a bit more paperwork than a regular real estate transaction but overall it is worth the wait. HUD requires all GNND buyers to use HUD-approved real esate agents. There is a list of requirements a buyer must meet for eligibility that I am always happy to review with anybody who may think that this program may be for them.
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I love the fact you showed part of the HUD Statement as proof of the discount. It shows the program is legit and should encourage all who qualify to consider using it!
Congratulations on a great success!
Kristal Krafts last blog post..Walk Score ~ does it work?
This is a new one on me, will have to see if this is offered here. Half of list price is a lot of money! Thanks for a clear explanation of the program and I bet you wind up using this again!
Carole Cohens last blog post..My Latest Neighborhood Joy: Kamms Corners Farmers Market
What a crock!
Now how on earth can this not be considered discrimination of some sort? Honestly?
While I’m happy for police, EMTs and teachers… I honestly think this program should be just as valid for any person that doesn’t have a criminal record!!!
I know more than a few police.. and just being an officer is a far cry from considering they would be a “good neighbor”.
Seems there is a lawsuit here waiting to happen.
Thank you so much for sharing this. I had no idea this program existed. I will check into it .
Chris Shouses last blog post..Summerlin Saturday August 16, 2008