The Good Neighbor Next Door is a HUD program geared specifically to Firefighters, Policeman, Teachers and EMT workers. It is designed to enhance urban communities by offering discounts to these workers who offer essential services and are the life blood of our communities. The discount is substantial: 50 percent off the list price of the property and $100 down payment. Here are key components of the program:
•·The property must be located in a designated Revitalization Area
• The buyer must live and work in the same county
•· Buyer must live in the house for 36 months
•· Buyer nor spouse can not have owned title to property in the last 12 months
•· Buyer nor spouse can not have ever previously participated in the Good Neighbor Next Door
•· The bid must be for the full listed price. Ex.If the listed price is $100,000 you must bid $100,000
•· The buyer must qualify for the full list price
•· The buyer can use an FHA 203K streamline loan or 203K loan for repairs
•· You can utilize any type of financing or it can be a cash deal
•· FHA financing: must qualify for the full contract amount before the discount, can also finance in closing cost, including prepaids and real estate commissions
•· HUD does not pay closing costs or real estate commissions
•· Buyer is responsible for the earnest money deposit. Difference between the earnest money and the $100 down payment will be refunded at the closing table
•· The 50 percent discount is taken at the closing table
•· The 50 percent discount is a silent second loan and is forgiven after the buyer has lived in the property for 36 months
Good Neighbor Next Door, sounds like a great deal. It is!!!!
Contact: Susan Jackson, Associate Broker for additional information and how to obtain a list of HUD qualifying homes.
Email:sjackson@kstrealty.com Phone: 770-551-5852 Website: www.kstrealty.com
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