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The Teacher Next Door – A Great Niche
Today an agent/friend called and asked me to put together some marketing collateral for teachers.  I immediately began my research, thinking of a Department of Community Affairs program that loves teachers.  Then I remembered The Teacher Next Door, a program established by HUD to offer single-family houses, condominiums, and townhouses to teachers at a 50 percent discount. If the "HUD acquired home" cost $150,000, the borrower pays only $75,000.  How's that for a bargain?  It gets even sweeter.  The teacher may also apply for a FHA-insured mortgage with a down payment of only $100 and he/she may finance all closing costs.  Are you loving this yet?
Well, there's more to the story.                                                  
The goal of this program is to encourage teachers to buy homes in revitalization areas across the nation.  As per the guidelines, you must be "employed full-time by a public school, private school, or federal, state, county, or municipal educational agency as a state-certified classroom teacher or administrator in grades K-12." 
However, there are property type restrictions (i.e. No duplexes, no triplexes).  Also, the homes cannot be other real estate for sale in the area (so forget the 3-bedroom home in the new subdivision down the street-no new construction).  HUD ... more

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