Home Buying in Tampa>Question Details

IM140.6, Home Buyer in Tampa, FL

GNND program lendors/info regarding in/near Tampa,FL

Asked by IM140.6, Tampa, FL Fri Jul 13, 2012

I am a teacher and a first time home buyer. I have contacted multiple parties in regards to obtaining a lender for this program but have no success in trying because "they no nothing of such program". Can anyone send me in the right direction? Also, knowing that with the GNND program you get a 50% discount off the total listing price, would you need to be qualified for the listed price or the price after the 50% discount? How does this work during the bidding? Thanks for any help!

Help the community by answering this question:

Answers

9
The GNND next door program is through HUD and its only on HUD homes. You will have to contact them directly to qualify for these properties or find an agent who specializes in HUD homes to get the 1st look. I will tell you that HUD homes tend to require a significant amount of work.
1 vote Thank Flag Link Fri Jul 13, 2012
thanks Lisa for the help! Yes I am aware of the amount of work that could potentially be needed with the purchases of these homes- good thing I have experience with these sorts of problems ;) Can you recommend any realtors in the area that may be able to help me?
Flag Fri Jul 13, 2012
Whatever you do realize that you don't have to pay an agent anything to put a bid on a house. Make sure you know that.
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.
0 votes Thank Flag Link Sun Jul 15, 2012
thanks Steve for the tips. I will certainly look out for agents wanting money during the bidding process. Cheers!
Flag Mon Jul 16, 2012
The GNND program lists eligible homes thru the http://www.hudhomestore.com web site. The site also offers a list of HUD approved lenders. That would be a great place for you to start. Choose a lender from the list and contact them for answers to your questions. I hope this helps!
0 votes Thank Flag Link Sun Jul 15, 2012
Also only a very few properties ever show up on the Good Neighbor Next Door and usually in areas of higher crime. You may not want to risk living in those areas. I think that's why the call it the GOOD neighbor next door...your other neighbors may not be so GOOD.
0 votes Thank Flag Link Sat Jul 14, 2012
Also wanted to mention that if you find a HUD Home you want to bid on, you can get an FHA or FHA Fixer Upper 203K mortgage with only $100 down. Normally an FHA requires a minimum of 3.5% of the sale price.

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,
Alma Kee
813.244.9898+
http://www.SoldOnTampa.com
0 votes Thank Flag Link Sat Jul 14, 2012
As a Good Neighbor Next Door buyer you are an owner occupant. However as an owner occupant you are not always a GNND buyer. So it needs to be separated in its own category. You also have priority over owner occupants (I think) so you wouldn't want to be listed under owner occupant.
0 votes Thank Flag Link Sat Jul 14, 2012
thanks everyone for your help! I was doing a search on the HUD website and noticed on the dropdown box under "buyer Type" some options including Good Neighbor Next Door, Owner Occupant, Investor etc.. Why would I not be under another category ie. Owner Occupant?
0 votes Thank Flag Link Fri Jul 13, 2012
The Good Neighbor Next Door HUD owned programs are normally for properties in less desirable, higher crime areas. You can search available properties on HUD's website:

http://portal.hud.gov/hudportal/HUD?src=/program_offices/hou…

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.

http://www.pascocountyfl.net/DocumentCenter/Home/View/5361

Hope this helps.

All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
813.244.9898
http://www.SoldOnTampa.com
0 votes Thank Flag Link Fri Jul 13, 2012
Hello,

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.

Andrew Schmitt
Yellowfin Realty
Sales Associate / Property Manager
Cell: 813-857-1543
andrew.yellowfinrealty@gmail.com
http://www.andysellstampabay.com
0 votes Thank Flag Link Fri Jul 13, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer