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POLICE AND FIREMAN HERE IS YOUR PROGRAM

Monday, March 15, 2010 - Article by: FHASUBMISSIONS.COM - ESSEX MORTGAGE BANK - Message

Question: What Is the Good Neighbor Next Door Sales Program ? HUD wants to strengthen America's communities. The Good Neighbor Next Door Program offers HUD owned single family (one-unit) homes to eligible participants at a 50% discount.This program is especially designed for Law Enforcement and Firefighters.


Question: Am I Eligible for the GNND Sales Program?
Answer: Law enforcement officers, teachers and firefighters/emergency medical technicians and who meet all other requirements of the program are eligible to purchase an available home.

Question: How Much of a Discount Can I Get on a HUD Home?
Answer: You can get a 50 percent discount off the HUD appraised value. For example, if HUD lists a home at $100,000, you can buy it for $50,000 provided, you occupy the home as your personal residence for the required occupancy period. If you qualify for any FHA-insured mortgage program, your downpayment is only $100 and you may finance closing costs.


Question: What Kind of Mortgage Financing Do I Need?
Answer: You may use FHA, VA, or conventional mortgages, or cash. HUD requires you to sign a Second Mortgage and Note on the discounted amount (which is $50,000 in the example above). No interest or payments are required on this "silent second" mortgage if you live in the home for the entire 36 month occupancy period. You may be required to pay a pro-rata portion of the discount to HUD should you fail to fulfill the three year occupancy requirement.

Question: What is the Occupancy Period?
You must live in the home as your sole residence for a full 36 months. The purpose of the program is to strengthen communities by encouraging employed, professional law enforcement officers, teachers and firefighters/emergency medical technicians to live in the community. You will have 30, 90 or 180 days to move into the home you purchase, depending on HUD's determination of the condition of the home and the level of repairs that may be required, if any. The 30th, 90th or 180th day is the start date for the occupancy period. Your are released from all obligations under this program at the end of the 36th month following the start date. HUD views the occupancy obligation seriously and vigorously pursues violators to the fullest extent of the law.I have personally helped a couple of my best friends with this program and if you are someone who is putting yourself on the line for my safety you are my friend too we just have not met yet.Call me today I would be willing to drop my fees as well for those of you who can qualify for this program .... it's my way of saying thanks for all you do !!! Jeffrey Martino Young (310) 984-0496 or apply online at www.FHAsubmissions.com

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