I have bid on 2 houses here in CT but if more than one person bids it is a lottery and I didn't get it either time. But it is a great deal. Make sure you know and check out the neighborhood because some areas are worse than others and may not be worth it to you. Money isn't more important thing.
Go to the HUD GNND website.
The FHA 203K FIxer Upper Mortgage is a great thing because you can buy a house that needs work and have all of the work done and end up with a model perfect home. Even a roof and a/c can be replaced.
You will still have closing costs, though because HUD doesn't pay any of the typical closing costs a Seller will pay for in Tampa Bay so you will still need more than $100 down. The State Bond Money is not available for FHA 203K fixer upper mortgages so if you want the state money you MUST buy a good functional home and can't include fix up costs in the mortgage.
I'm a HUD authorized agent so if you need help finding a HUD home or any home, give me a call.
All the best,
If your household income is below the median for the county, you may be able to buy a home for a significant discount through the NSP program. These are also few and far between and if you don't mind living in Pasco County, you will have more availability and in nicer areas.
Hope this helps.
All the best,
Alma Rose Kee, PA
Future Home Realty
The program you are referring to is the Good Neighbor Next Door program. I am familiar with the program but never had a client participate in it.
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.
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.
I am assuming you will need to qualify financially for the full amount of the property. Keep in mind that there are only a few properties that qualify for this program.
Please feel free to call or email me with any questions.
Sales Associate / Property Manager