A number of local, state and federal programs offer eligible teachers discounts on homes and attractive mortgage terms. The Good Neighbor Next Door program, for example, sells homes for 50% off the appraised value. Other programs offer down payment assistance, homeownership grants and mortgage credit certificates.
However, these programs are not always easy to navigate. Here’s what you need to know if you want to pursue one.
Compare Top Mortgage Lenders
|
|||||
|
|||||
|
What Is the Good Neighbor Next Door Program?
The Good Neighbor Next Door program offers U.S. Department of Housing and Urban Development-owned single-family homes to eligible buyers for 50% off the list price. Not all HUD homes are designated for the Good Neighbor Next Door program. Homes must be located in a revitalization area and in the same area or school district as the teacher’s place of employment. Borrowers must also meet a three-year residency requirement.
Teachers planning to buy a home with this program must be employed full-time in a state-accredited public or private school for students in pre-K through grade 12.
It’s important to note that Good Neighbor Next Door is not exclusively for teachers; the program is also open to eligible firefighters, EMTs and law enforcement officers.
The discount is given in the form of a silent second mortgage. You’ll…
