Did you know that HUD has a Good Neighbor Next Door Program that allows certain people to buy HUD homes for 50% off? There are some hoops and some requirements, properties are hard to find, but if you can find one, this program is a great opportunity!
- Law Enforcement Officers
- Firefighters/Emergency Medical Technicians
- You must buy a house from HUD’s listings (these are Government owned foreclosures)
- You must pay full price for the house and use a real estate agent
- HUD will issue a “Silent Second” mortgage for 50% of the price, which will require no payment and no interest if you occupy the property as your primary residence for 36 months (3 years). I.e. If the asking price is $100,000, you’ll only be paying $50,000 for the house. After 36 months, you can sell the property at market value as a regular sale and keep all of the equity/appreciation.
- You do not need to be a first time home buyer, but you can NOT have owned a property in the year prior to your purchase.
- The properties are located in Revitalization areas across the state.