I have a lot of respect for the many different people I encounter on a daily basis, from the real estate investors to the EMT’s I volunteer alongside, all of these men and women are people I look up to. I am always one trying to help out the people in my life whether on a personal or professional level, I want to help those in my life who help me and help others.
Today I want to talk about the Good Neighbor Next Door program, which is a housing program put together by HUD (Department of Housing and Urban Development), which offers a substantial incentive in the form of a discount of 50% from the list price of the house. In return for this enticement, HUD requires that you live in the property for up to 36 months and that property alone must be your sole residence. The program is for law enforcement officials, EMTs, firefighters and pre-Kindergarten through 12th grade teachers whom can all contribute to community revitalization while becoming homeowners through this great program.
The program is quite easy to use by following the steps below:
· First, check the listings for your state.
· Then, follow the instructions to submit your interest in purchasing whichever home you are interested in.
· On the occasion more than one person submits an offer for a home, the selection of that home will be made by a random lottery drawing.
· To qualify for this program, you must meet the requirements for the above positions and must always comply with HUD’s regulations for this program.
· One requirement of HUD when purchasing this home is that you sign a second mortgage and note for the discount amount. In return, no interest or payments are required on this ‘silent second’ provided that you fulfill the 3-year-occupancy requirement.
The list or properties changes on a weekly basis so you will want to make sure to constantly check out the list. Also, the number of properties is limited, so if you find a home you are really interested in, make sure to get your offer in as quickly as possible.
I think this program allows a lot of good people the ability to afford a home and in return, they offer a lot of great things to our society from teaching our children to helping fight fires and help in cases of emergency. If any of my fellow EMTs have questions, feel free to reach out, I would be happy to chat with you more about this program and help in any way I can.