Officer Next Door Programs
There are several different types of Police Officer homeownership programs available. HUD employs the Police Officer Next Door program to qualified officers. The program provides homes at 50% off the normal listing prices and includes the ability to qualify for a low-interest mortgage. One of the requirements to the program is the applicant must live in the residence for at least 36 months. Those who are eligible must also choose a home that is located in a revitalization area.
There are also programs available at the state and county level. Texas for example provides a Homes for Heroes program which provides low interest loans with assistance with down payment and closing costs.
Most requirements require the applicants be full-time employed officers and remain in the residence for a specified amount of time. There may also be income requirements.
For More information on the HUD police officer program:
http://www.hud.gov/offices/hsg/sfh/reo/goodn/main.cfm
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