Home Buying in Sevier County>Question Details

William, Home Buyer in Sevier County, TN

I am a school teacher in tennessee, who knows about the teacher next door offer on hud houses

Asked by William, Sevier County, TN Sat Aug 30, 2008

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there is a new development, franklin meadows, in seymor that is giving $3000 discounts to teachers and other city/county people on the purchase of a home...FHA financing too...look them up....
0 votes Thank Flag Link Tue Oct 21, 2008
Information below is from the HUD website should answer all your questions
and also gives you a link to homes that are eligible.

Other major condition I see is 36 Month requirement

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Revitalization Areas

Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.

How the Program Works
Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for five days.

How to Participate in Good Neighbor Next Door
Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits on a single home a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD's regulations for the program.

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.
The number of properties available is limited and the list of available properties changes weekly.
0 votes Thank Flag Link Fri Sep 5, 2008
There are only certain HUD homes that qualify for the teacher next door program, and they are listed that way. The home must be located in within the boundries of the district where you teach. You pay only 50% of the listed price. You must commit to live in the property for 36 months. When you close on the property, you will sign a note for the other 50%, which will only have to be paid back in you do not stay in the property for 36 months. After you have lived in the property for 36 months, that note will be released.

If you have any other questions, or I can assist you with financing, please feel free to give me a call at (801) 838-9820, or email at tina@silverrm.com. I am a mortgage consultant with Silver Ridge Mortgage in Salt Lake City.
0 votes Thank Flag Link Fri Sep 5, 2008
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