Good Neighbor Next Door Program

If you are a firefighter, police officer, emergency medical technician (EMT) or teacher, you might be eligible for the FHA‘s Good Neighbor Next Door program. This program allows individuals who hold select public service jobs to take advantage of extra-low prices on HUD homes. At MortgageDepot, we have the answers to all of your questions regarding this unique ownership opportunity.

What Is the Good Neighbor Next Door Program?

The Good Neighbor Next Door program offers a 50 percent discount on the list price of select HUD homes to qualifying program participants. Eligible homes are listed through the program and remain available for purchase for seven days.

How Can I Qualify For the Good Neighbor Next Door Program?

If you are interested in purchasing a home through the Good Neighbor Next Door Program, MortgageDepot can help. Here is what you need to qualify:

• You must be a law enforcement officer, firefighter, EMT or teacher.
• Your credit score must be at least 620.
• You may only purchase a HUD real estate-owned property with this incentive.
• The property must be in a revitalization or exception area, according to HUD.
• Your purchase requires a minimum of a $100 down payment.
• The home must be your primary residence for a minimum of three years.
• You may not own additional residential properties from one year before purchase up until the official purchase date.

At MortgageDepot, we understand that qualifying for a mortgage is an intimidating process. Don’t let this list of eligibility requirements discourage you from reaching your real estate goals! If you think that you won’t qualify for this program, let us take a second look.

What Else Do I Need To Know About the Good Neighbor Next Door Program?
Now that you know the program’s requirements, here are a few additional facts to help you determine if the Good Neighbor Next Door program will work for you:

• The program offers fixed-rate mortgages from 10- to 30-year terms.
• You’ll need to sign a second mortgage and a note for the discounted amount. This is called a “silent second,” and if you meet the three-year occupancy requirement, you won’t need to make payments or pay interest on this amount.
• Your occupation is an important qualification requirement, and you must work in the area that you purchase the home.

Contact MortgageDepot Today!

At MortgageDepot we consider all mortgage programs (not just the most popular ones!) to find the best fit for our clients. Connect with us today to see if the Good Neighbor Next Door program will put you on the path to ownership!

Contact one of our loan consultants to learn more.