Specific Careers May Entitle You to Buy a Home at 1/2 Price
I would like to thank Jada Camara of Edina Realty Home Mortgage for providing me with the information on this program. As it turns out, Police Officers, EMT's, Firefighters, and Teachers are able to purchase HUD foreclosed properties and have 1/2 of the loan as a silent second mortgage (no payments and no interest) that is to be forgiven in three years (no obligation to pay!). That means that any people in these professions can get a HUD property for 1/2 price if they live there for only three years. Think about it, if you buy a home for $150,000, in three short years this program will make it so that you only owe $75,000! Definitely worth looking into. Here are some of the qualification guidelines and a brief program overview that Jada typed up for me:
Good Neighbor Next Door Loan Program
Overview
- Entitle a full time Law Enforcement Officer, Teacher, or Firefighter/Emergency Medical Technician to purchase specifically designated HUD acquired homes
- At a 50% discount from the list price
- Property must be located in a revitalization area
- Successful bidder is selected by random lottery
- Offers must be submitted through real estate brokers
Purchaser Qualifications
- Law enforcement officer, Teacher, or Firefighter/emergency medical technician
- Good faith intent to remain in employment status for one year
- Earnest money
- Fulfill owner occupancy period- 36 months
- No residential real property ownership for 1 year preceding offer submission date by either spouse
- No prior participation in program by either spouse
- Only one spouse may purchase
Law Enforcement Officer- Employed full-time by a law enforcement agency of the federal government, a state, unit of general local government, or an Indian tribal government; and
- In carrying out such full-time employment, the person is sworn to uphold, and make arrests for violations of, federal, state, tribal, county, township, or municipal laws
Teachers
- Employed as a full-time teacher by a state accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12; and
- The public or private school where the person is employed as a teacher serves students from the area where the home is located in the normal course of business
Firefighter/Emergency Medical Technician- Employed full-time as a firefighter or emergency medical technician
- By a fire department or emergency medical services responder unit of the federal government, a state, unit of general local government, or an Indian tribal government serving the area where the home is located Owner Occupancy Term
- 36 months
- Starts on 30, 90 or 180 days from closing according to property condition
Interruption of Owner Occupancy Term
- Permitted if the interruption is necessary to prevent hardship as determined by HUD
- Request in writing received 30 days or more from desired vacation date
- Agrees to resume occupancy Special Financing Incentives
- Finance all reasonable and customary closing costs
- Down payment of $100May Not Be Used for Multi-Family HousingPost Purchase Obligations
- Continue to own, and live in as his/her sole residence, the home purchased through the GNND Sales Program; and
- Certify initially and once annually thereafter during and at the conclusion of the owner-occupancy term that s/he was at all times fully in compliance with paragraph (a) of this sectionFor more details, check out the flyer in the file below.
To view the HUD foreclosed properties that qualify for this incentive, visit http://www.tenmanagement.com/listings/property-list.do.
To learn more about Jada Camara with Edina Realty Home Mortgage, visit http://jadacamara.edinarealty.com/.
Jason Tangen - GRI, e-PRO - Real Estate Broker Associate with Edina Realty in St Cloud, MN.
http://StCloudEdina.com - Home of the free on-line home value estimator, the e-Market Analysis.
http://JasonTangen.EdinaRealty.com - Search real estate in St Cloud, Minnesota and surrounding areas.
- Certify initially and once annually thereafter during and at the conclusion of the owner-occupancy term that s/he was at all times fully in compliance with paragraph (a) of this sectionFor more details, check out the flyer in the file below.
- Down payment of $100May Not Be Used for Multi-Family HousingPost Purchase Obligations
- Request in writing received 30 days or more from desired vacation date
- Starts on 30, 90 or 180 days from closing according to property condition
- By a fire department or emergency medical services responder unit of the federal government, a state, unit of general local government, or an Indian tribal government serving the area where the home is located Owner Occupancy Term
- Good faith intent to remain in employment status for one year
