Good Neighbor Next Door homes in San Antonio
If you are a firefighter, policeman or teacher in San Antonio and are looking for a Good Neighbor Next Door home in San Antonio, look no further!
The Good Neighbor Next Door program allows Firefighters/Police/Teachers to purchase HUD homes listed under the program at a 50% discount. While the program is FABULOUS, there are some things that you need to know in advance:
- Even though the website says '$100 down with FHA financing', don't be misled. Although you technically only have to pay $100 as a down payment, you are still required to pay closing costs, which will end up being thousands of dollars. YOU WILL NEED MONEY TO PURCHASE ONE OF THESE HOMES.
- The program in only available to first time homebuyers... but if you haven't owned your own home in the last 3 years, you qualify as a first time homebuyer.
- When you close on these homes you will receive a 1st lien (mortgage) for 50% of the list price. The second lien is a "silent" lien and is forgiven after 3 years of you living in the home. So if the list price of the home is $150,000 you will be making payments on a $75,000 mortgage.
I can't stress the importance of working with a Realtor, as well as a loan officer, who has experience in this program. It's a difficult program to navigate through a transaction, but with the right Realtor/Lender, your experience can be a smooth one!
If you're interested in learning more about the Good Neighbor Next Door program, don't hesitate to contact me. As the wife of a firefighter, I've helped other firefighters successfully purchase homes through this great program.
Tara
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