HUD offers a terrific program for consumers wanting to jump into home ownership but may not have much in terms of a down payment and who want to help to revitalize certain neighborhoods. In this case, the Good Neighbor Next Door http://portal.hud.gov/hudportal/HUD?src=/hudprograms/gnnd can be a great option.
HUD offers single family homes located in designated areas at 50% discount from the current "as is" appraised value. For a $100,000 home, the participant can purchase it for $50,000 and can also apply for an FHA insured mortgage with a down payment of only $100. Closing costs and repairs can also be folded into the mortgage.
Law enforcement officers, teachers and fire fighters and emergency medical technicans who meet family size, income and employment requirements may qualify for the Good Neighbor Next Door Program.
Family size income levels in targeted areas are as follows: 1-2 person family upper level income is $82,320; 3+ family upper level income is $96,040. Non-targeted family size income limits are slightly lower, but individuals should still check it out to see if they qualify.
The Good Neighbor Next Door can be a wonderful opportunity for anyone wanting to purchase a home and can serve as a means of creating stronger community through home ownership.
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