Good to see you here again. The 'Teacher Next Door Program' is a program attached to the HUD Foreclosure system of foreclosures. It is not for any property. It is set up for teachers, fire fighters, and police. The program has limited properties allocated and available and there is a 'lottery' system to determine who wins the bid on the homes. There were more homes available before hurricane Katrina. Many of these homes were allocated to Katrina refugees and taken out of this HUD program. Now there are still limited homes available and I only know personally of 1 or 2 people who have benefited from it. It is certainly worth a try if there is a home in a certain community that would work for you if you 'win the lottery' in this program.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
Julie Bloch Burton - Broker Associate, RealtorÂ®
Brixton Real Estate - http://brixtonassociates.com/
Cell Phone: 970.396.7435 | Fax: 720-306-2397
The Good Neighbor Next Door (GNND) is an excellent program and the answers and links have been mostly accurate. Colorado has had a decent supply of GNND homes available through HUD and I typically lend on 2 - 4 properties a month. Most of the homes require rehabilitation and therefore, the FHA 203k is the usual product. I like to say that 75% of the homes require 203k and at least half of the rest choose to do a 203k to update the house.
In addition to the great discount of 50% of the purchase price (no overbidding) is that the buyer/borrower is able to finance the closing costs and realtor commissions into the loan. The minimum investment is $100, but you will need to have 1% of the purchase pricea available for the earnest money when you win a contract.
A couple of my realtor partners specialize in the GNND program and HUD homes and I'd be happy to refer you if you need help. Feel free to contact me with any questions about this program, the FHA 203k Renovation loan, or HUD property financing.
Universal Lending Corporation
This is designed to encourage renewal of revitalization areas by providing law enforcement officers, firefighters, emergency medical technicians and teachers an opportunity to purchase homes in these communities.
HUD provides a substantial incentive in the form of a fifty percent discount off the list price of eligible properties.
This is a HUD program; so it has to be a HUD house.
It has to be in a "revitalization" area,
and you have to qualify for it.
And you have to live in it at least 3 years.
Only select Realtors are set up to deal with HUD homes, so we have to qualify too.
Good luck and may God bless
The inventory can change daily so check often.
If you are referring to the Good Neighbor Next Door Program, it's a HUD (U.S. Department of Housing and Urban Development) incentive. I've provided a web reference with all the details below.
If you have additional questions, or if I may assist you in any way, please give me a call.
Jean Stevens, Broker/Owner
The Stevens Group
Irontree Real Estate
Best of luck,