Law Enforcement Officers, Teachers, Firefighter, & EMT finding affordable homes.
Will the pending economy promote more properties to be promoted through the Good Neighbor Next Door program? Will this provide more opportunity for affordable housing?
Some exciting news to share! I was sitting down to do some research on home affordability. As a Broker of Real Estate and a member of the Texas Real Estate Commission Housing Affordability Program; I get really excited about saving our community money along with beautifying our areas. So, if you are a Pre-kindergarten through 12th grade teacher, firefighter, law officer, or an emergency medical technician you want to continue to read on.
The program is called the Good Neighbor Next Door (GNND) Sales Program. It is provided through the U.S. Department of Housing and Urban Development. The program is designed to contribute to community revitalization. These professionals will be awarded with a substantial 50% savings from the list price of the home. Yes, you read that correct, 50%. 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 at closing. Although, no interest or payments are required on this “silent second” as long as the 36 month occupancy requirement are fulfilled.
Requirements of the buyer
The buyer will certify each year that they are still living in the property by returning a specified letter so they they will be certified .
If you are military and are called to active duty you may be provided clemency relating to the owner occupancy requirements. Renting out the property while on active duty is acceptable as long as you can provide documentation for your annual certification.
If you there is a job relocation, family changes, or the need to refinance HUD has specialist to assist you. To place a bid on a property and sign a HUD sales contract, you must use an approved selling Broker. The Broker has to be registered as a bidder on the HUDHomestore site. I would be happy to assist you with this transaction.
Revitalization
The program is designed to improve the quality of life in distressed urban communities by having our community leaders and first responders nearby. The program also is an excellent financial opportunity for homeownership to these professions.
To locate eligible homes and are listed exclusively for sale through this programs visit https://www.hudhomestore.gov. The list is always changing and the GNND properties are only available for purchase for seven days. The eight day if there are no bids they will be open to the public.
Will the economy promote more properties to be promoted through the Good Neighbor Next Door program?
staceyjillhandy
About Stacey Handy Never Eat Alone a great read by Keith Ferrazzi is just one of the books I enjoy that has helped me build a lifelong community of colleagues, friends, and mentors. I grew up in Fargo, North Dakota and then served part time as a Nurse in the US Military for 24 years. I raised two wonderful children as a single mother in which I shared the love of God, travel, real estate, finances, and friendships. Rich Dad Poor Dad was a tool in which Robert Kiyosaki provided me with the knowledge of how to become financially independent as I served others. He brought real estate into my world in which I have been able to purchase, rehab, and provide to others a safe haven to call home. The Bible is my living tool which I realize is the foundation on my and my families lifeline. Relationships are so meaningful to me especially as I get to know my clients who place their trust with me as they search for the largest investment that they may ever make. Providing my expertise and concern for them provides an educated process and matches them to a home they love.