This is a very tough program to use. I've seen some police officers use it, but it is tough. Normally the homes I've seen are in the toughest areas of town where revitalization needs to take place. I'd be surprised if you see one in someplace like Bridgeport. I just looked and did not see any houses in the state of Texas that currently qualify for this program. You can check it out at http://www.bidselect.com. Then click on search properties, then click on State (Texas) and then click on the "government foreclosure programs" and choose good neighbor. Unfortunately I just don't think this will be an option in your situation. There is also the Texas State Affordable Housing Program, but I have not seen any money available for down payment in about a year or more in that fund. Best bet is perhaps to save 3.5% for down payment and a little more, then use FHA financing and get your $8000 tax credit for first time home buyers. That's about the best program around right now.
I am not a RE Agent, I'm a professional Inspector, but I hope this helps. There are sites you can go to view homes that are offered through the GNND program. HUD runs the "Good Neighbor Next Door" program and you can search for these homes/areas at their WEB site of:
HUD generally uses what they call "Management And Marketing Contractors" and HUD provides a search for them at: http://hud.uai.com/hudpls/. For the North Texas area it is Southwest Alliance of Asset Managers and their WEB site is http://www.southwestalliance.com.
There are many Agents/Organizations that also offer additional information and searches for these homes. If you perform a Google search using "Good Neighbor Next Door" & "Texas" you will find a large listing of them. Many of them also provide a search function for these homes.
When you are ready to look, or buy, don't forget to have the home inspected to make sure you know its condition. If you have any questions regarding the inspection please feel free to call or email me. I do provide a walk through type inspection that is much less expensive than a full inspection. Its intention is only to help you decide if you want to make a bid and have a full inspection performed.
Good luck and happy house hunting!
Emmanuel J. Scanlan
PS Inspection & Property Services LLC
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Emmanuel gave you the correct website for the GNND program. Your best bet is to hook up with a good mortgage loan officer who is current on all the existing programs and what programs have money to lend or will in the near future., The situation changes daily. For example, President Obama signed into law a new stimulus package which contains first time homeowners tax credit that is very different from last summer's tax credit.
I think you may be misunderstanding the GNND program. It's my understanding that the program is available to a specific group of public servants who agree to live and work in a designated revitalization area. If you move to Bridgeport and work for a different ISD or there is no revitalization area there, the program does you no good. Whereas if you live in Dallas and work in Dallas in a revitalization ares, you may qualify.
The City of Dallas' affordable housing program is run by Enterprise, which is a non-profit working in conjunction with HUD. There website is http://www.ehopdallas.org/. If you go to their website, you will be able to link to their list of homes for sale. EHOP is different from most programs in that they purchase homes, rehab them to code, and sell them at low cost to qualified buyers. When purchasing one of their homes, you can often piggyback other assistance programs to make the deal even sweeter. But then again, it may be in an area where you do not want to live.
I checked on this for you and did not see anything available in the Bridgeport area. If you are interested in receiving listings on what is available in or around Bridgeport, just drop me a quick email and I'll be happy to assist. I cover that area as well as Parker and Tarrant County. Thanks so much and happy house hunting!!