Good Neighbor Next Door Program
The Good Neighbor Next Door Program offers HUD owned single family (one-unit) homes to eligible participants at a 50% discount. Law enforcement officers, teachers, firefighters and other emergency medical technicians (EMTs) who meet all other requirements of the program are all eligible to participate in this program.
The following must be detailed on the purchase contract with HUD:
- Borrower must be currently employed (full-time) as a law enforcement officer, teacher or firefighter/emergency medical technician.
- A 50 percent discount from the list price is provided in the form of a forgivable second lien. The second mortgage is a mortgage and note payable to and provided by HUD in the amount of the difference between the list price of the home and discounted selling price. The term of the note is 36 months from the date of owner-occupancy. Refinance restrictions may apply.
- One-unit residential properties only.
- Borrower cannot own any other residential property within 12 months of the offer date
- None of the borrowers could have ever utilized this program in the past.
The following must be detailed on the purchase contract with HUD:
- 50% discount
- $100.00 down-payment required
- Borrower may finance closing costs
