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Good Neighbor Next Door - Detail Verified 08/20/10 Last Updated 03/20/2009

Program Overview

Good Neighbor Next Door - Detail Verified 08/20/10 Last Updated 03/20/2009 is a program for law enforcement officers, pre-kindergarten through 12th grade teachers and firefighters/emergency medical technicians. They can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. Single family properties owned by HUD as a result of foreclosure of FHA-Insured mortgages and located in a Revitalization Area are eligible for sale through special programs at discounts. These HUD programs include the Good Neighbor Next Door. 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. HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that you fulfill the three-year occupancy requirement.

Who is eligible for this program?

You may participate in the Good Neighbor Next Door program as a law enforcement officer if you are employed full-time by a law enforcement agency of the federal government, a state, a unit of general local government, or an Indian tribal government; and, in carrying out such full-time employment, you are sworn to uphold, and make arrests for violations of, federal, state, tribal, county, township, or municipal laws. You may participate in the Good Neighbor Next Door program as a teacher if you are 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. In addition, the public or private school where you are employed as a teacher must serve students from the area where the home you are purchasing is located in the normal course of business. You may participate in the Good Neighbor Next Door program as a Firefighter/Emergency Medical Technician if you are 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. Is this program for first time buyers only? No

Property Eligibility Requirements

Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for five days. Allowable property types: single family

Benefit Details

Assistance amount is up to a 50% discount of sales price. Benefit: HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. Homebuyer Counseling / Education Required: No Owner Occupancy Required: Yes Other Program Comments: Must be owner occupied for at least 3 years. Do not have to be first-time homeowners. You may not own any other residential real property at the time you submit your offer to purchase a home and for one year previous to that date.

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