With the Good Neighbor Next Door program, Firefighters can really buy a house for half of the sales price. And it’s not just firefighters! Public School Teachers and Policemen also qualify for this unique FHA Program!
According to the new FHA “Community Neighbor Program” County employees willing to purchase a HUD owned property can purchase that property for 1/2 of the sales price. So, a $138,000 property just became affordable at $69,000!
How does the 50% off Good Neighbor Next Door program work?
There will be a second mortgage (silent) note payable to HUD, on a home purchased through the Good Neighbor Next Door program in NC. This second mortgage will be equal to 50% of the list price of the home.
With the Good Neighbor Next Door program, the term of the mortgage will be equal to thirty-six months plus 30, 90, or 180 days as provided in Statute 291.540(b). At the end of the third year of occupancy the amount of the second mortgage will be zero.
If the Law Enforcement Officer, Teacher, EMT, or Firefighter, sells or stops living in the home as his/her primary residence prior to the expiration of the owner occupancy term, he/she will owe HUD the amount due on the second mortgage as of the date the property is either sold or vacated.
Many of these properties also qualify for special “rehabilitation financing vehicles!” (FHA 203K loan program)
In the Raleigh /Triangle Area there are currently over 20 properties that qualify for the Good Neighbor Next Door program! The HUD Home Store updates houses qualifying at the end of each month, so check back often!
Call Steve and Eleanor Thorne at 919 649 5058 or Connect With Us on Facebook! We’re in Raleigh, NC for more FHA Good Neighbor Next Door program details, give us a call! Here are some more ideas on how to get some extra money to be able to buy a home!