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Please tell me more about the "good neighbor next door" discount program by HUD

Sounds to good to be true. Are there any negatives? Is it difficult to qualify for elementary school teachers? by lilsara_love9975 from Dallas, Texas. Dec 9th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

The Link for FHA's Good Neighbor Next Door program is at the bottom of this post.. It's a real program where you can purchase an FHA foreclosed home at 50% of FHA's listed value. The down side is that these homes are in the worst of the worst area's.. or what FHA calls a "revitalization area". I have had several clients over the years who qualify for this program, yet once they look at the neighborhood where the homes are located in, none of them have ever gone through with it, since you have to commit to living there for at least 3 years.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabot

Dec 10th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,317 contributions

Most homes owned by HUD are available at as low as 50% of current market value.If you have average or better credit, and at least 3.5% down payment, you may be able to own your next home. As a teacher, you qualify for this program. I can give you more information. Please call me, Dave Metsker, at 503-620-2239.

Dec 9th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,246 contributions

The qualifications are the same for any FHA mortgage.

Dec 9th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,246 contributions

- but the home you would be purchasing could possibly be a very good deal. The limitation is based on what homes are available.

Dec 9th 2013
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Sean Young (SeanYoung)
#3 ranked lender in Colorado - 1,112 contributions

This is a great program and is an FHA loan that does carry mortgage insurance. And yes, if you do qualify you can get a HUD home for 50% off of the list price............... From HUD.gov: Teachers; You may participate in the Good Neighbor Next Door program as a Teacher if you are employed as a full-time teacher by a state-accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12. In addition, the public or private school where you are employed as a teacher must serve students from the area where the home you are purchasing is located in the normal course of business...............First step is to get pre-approved with a loan officer so you know what you can qualify for. Best wishes, Sean

Dec 10th 2013
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Jimmy Vu (Jimmy.Vu)
#958 ranked lender in California - 90 contributions

It is a real program! And it sure has it's benefits especially when you get a discounted price! "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." Call me for more information. Jimmy Vu - American Financial Network - 949.287.4134 - jvu@afncorp.com

Dec 10th 2013
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