I have had some experience with GNND. It is a great program if you can take advantage of it, but it is difficult to find something. I wrote an article on the GNND program on my blog here: http://brianrayl.com/blog/teachers-fire-fighters-paramedics-
The selection is a "lottery" style selection where all people who put a bid in and qualify for GNND get put into a drawing and the one they pick out of a hat wins the bid. The best thing about the GNND program is that you only have to put $100 down if you are using FHA financing. Oh, and the fact that you only pay 50% of the asking price (you make a full priced offer on your bid, but then sign a promisary note saying that you will live there as your primary home for 3 years and they will waive the other half of the price).
If you can't find anything through GNND, then you may still qualify for special financing through certain banks. do a search on my website for what ever profession you are. I have a lot of special deals on my site through lenders that I use.
Best of luck to you!
Are you pre-approved for the loan?
This is a good program, but you need a realtor that knows their stuff to make this smooth.
I have seen Bruce's answers all over Trulia and I have never disagreed with his advice.
I suggest you contact him if you aren't working with a realtor already.
Let me know if you have any loan questions. But ask Bruce the questions regarding offers, contracts, ect!!!
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
You do have to put in earnest money as in normal HUD bid.
Inspections do not pass or fail. It's just a reflection of the condition.
You don't want to do an inspection on a home you don't own or control in my opinion.
There are very very few homes available in this program. Make sure you found a GNND house, not just a HUD home. Not all HUD homes qualify for the GNND program.
For example I only see one house that is current available on the GNND program in Tarrant County. You can see it here. Make sure your realtor is familiar with HUD bidding, is able to bid on HUD homes, and knows how to explain the GNND program to you.
The GNND homes are typically only available in targeted areas, and there are specific rules to bid on them.