Buy a home for 50% off listing price? Possible? Yes, with the Good Neighbor Next Door program.
It’s hard to believe, but you may be eligible to take part in the Good Neighbor Next Door incentive program that’s placing hard working people in homes with significant discounts.
From the HUD website:
Law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and 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 you must commit to live in the property for 36 months as your sole residence.
(Source: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabot)
Entitled buyers are required to purchase an eligible single family home in designated revitalization areas. You can search for these homes using this HUD portal. Click on the Good Neighbor Next Door link.
An even greater incentive of the Good Neighbor Next Door program is the significant upside if you sell the home after your required occupancy. When you list and sell the home, you can keep your entire profit, even though you purchased it for half of the listing price. You’re not required to be a first time buyer to take part of this program.
More detail about financing, occupancy commitments, and revitalization zones can be found on the FAQ page of the HUD.Gov website concerning the Good Neighbor Next Door program.
Other info you will find on the FAQ page is:
- What Kind of Financing Will I Need
- How Much of a Discount Can I Get
- Can I Sell the GNND Home after 3 Years and Keep the Profit
Keep in mind, though that you must work with a real estate agent or broker to buy a home using this program. This is where I come in. Contact me, and I can work with you in your search to purchase a HUD home.