Saturday, May 1, 2010

HUD's Good Neighbor Next Door Program

Law enforcement officers, teachers (pre-K through 12th grade) and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return, the buyer must commit to live in the property as a primary residence for 3 years. HUD also requires the buyer to sign a second mortgage note for the discounted amount (which is forgiven after all owner-occupancy criteria are met).

The program's properties are generally located in HUD-designated revitalization areas. These areas generally have an above-average rate of FHA foreclosures, below-average incomes and below-average home ownership rates.


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