The HUD/FHA Good Neighbor Next Door Program
By admin | April 24, 2008
The FHA and HUD have a special program called the Good Neighbor Next Door Program. This program is designed to help people from certain professions to purchase homes at a lesser cost. Some of the details of this program include:
• Professionals in the fields of teaching, law enforcement, fire fighting, paramedics, and emergency medical care can get discounts on HUD homes. As long as you work in one of these fields, you can get a great deal on homes for sale from the FHA.
• People in these professions can purchase a home from HUD/FHA for a 50% discount. These people pay half of the asking price of the home without the bidding process involved with normal buyers.
• In order to get the huge discount, the person purchasing the home must agree to live in the property for three full years before selling the property or moving.
• The property can not be used as a rental unit, as part of the agreement is owner occupancy.
• If the buyer decides to move before the three years are up, they have to pay the FHA/HUD back the amount of the original discount.
The idea behind the Good Neighbor Next Door Program from HUD is to get responsible role models to move into neighborhoods and help the areas revitalize. Usually people in these particular professions get respect from the community, and the neighborhoods they live in may become safer and more secure just because of their presence. Many neighborhoods and communities have a lack of good role models, and the Good Neighbor Next Door Program from HUD offers this valuable benefit in order to get these areas safe and secure again.
For more information on the Good Neighbor Next Door Program go to http://www.fha.gov/homes.cfm
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