Abstract: The US Department of Housing and Urban Development (HUD) is offering eligible Law Enforcement, K-12 Teachers, Firefighters, and Emergency Medical Technicians HUD homes at 50% of the HUD appraised value in specific areas with certain restrictions.
In an attempt to improve neighborhoods in specific areas throughout the United States HUD is giving a 50% price reduction on the HUD appraised value for eligible “Good Neighbors” (Police Officers, K-12 Teachers, Fire Dept. City fighters and Paramedics). To reap the benefits of the cheaper cost, the Good Neighbor needs to confirm in writing they will physically stay in the home for at least three years or repay the 50% off difference if they fail to live in the home the full three years.
Even More Advantages
Good Neighbors can basically buy the home with cash or any financing product they like. Therefore, home buyers benefit a second time with the fact they can get into the home with zero down on a VA loan and just 3.5% down with an FHA loan.
What You Should Keep in Mind
Prospective eligible home buyers need to realize that this 50% off program is not applicable towards the purchase of a rental property or vacation home only a primary residence.
This is a fantastic discount that not only serves to accomplish the revitalization goals of HUD but gives back to the public servants who strive to maintain and grow the very same communities.