Fire Fighters, Teachers, Police and EMTs can buy a home for 50%
Fire Fighters, Teachers, EMT’s, and Police are eligible to purchase HUD homes at a 50% through a program called Good Neighbor Next Door (GNND). The program allows buyers to use FHA, VA, Cash, or Conventional financing to buy HUD homes in Designated Revitalization areas. Buyers take out 2 mortgages each for 50% of the purchase price. The second mortgage is a ‘Silent Mortgage’ that the homeowner does not pay on, and that accrues no interest. If the buyer lives in the home as a primary residence for 36 months the second ‘Silent Mortgage’ disappears and the homeowner can sell the home and make a profit.
To qualify for the GNND program buyers must meet a few requirements. Aside from having a one of the required occupations, buyers must offer full price, include no less than $500 of earnest money, and use a licensed real estate agent or broker. If you are a Teacher, EMS worker, Police officer, or Firefighter and are interested in this program e-mail or call me at 513-518-1140
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