Certain professions are eligible for the HUD Good Neighbor Next Door Program. This program is designed to help revitalize specific communities by offering professionals in these fields a generous discount on a Hud Home Madison. This discount works out to 50 percent of the list price of the home and the main requirement is that you commit to living in the home for 36 months as your only residence. When the time comes to buy a new home, consider a Hud Home Madison as there are many benefits to doing so.
Eligible homes may be found in revitalization areas and are only listed in the Good Neighbor Next Door Sales program. These homes are only available for purchase during a seven day period so those looking to buy a Hud Home need to be prepared to act quickly in the event one comes available that the home owner is interested in.
To be a part of the Good Neighbor Next Door program, request listings for your state. You must follow the directions exactly as laid out to show your interest in a specific property. When more than one person puts in a bid on a home, the department determines who gets the property by using a random lottery. Certain requirements must be met for the professions listed above and all HUD regulations for this program must be met. Be aware that the number of properties available under this program are limited. This listing changes on a weekly basis also so you have to be prepared at all times.
To purchase the home, the home buyers must sign a second mortgage and note. The amount of the mortgage and note is equal to the discount amount of the home. The home buyer isn’t required to make any payments on this mortgage and note as long as the three-year occupancy requirement is met. If it is not, the mortgage and note must be paid in full.
Home buyers may qualify for an FHA-insured mortgage program when buying one of these homes. With this mortgage, the down payment required is only $100 and closing costs may be financed. You don’t have to use this mortgage financing, but it is an option. In addition, a program is offered for those homes in need of repair or rehabilitation. Ask your agent about all program requirements and restrictions.
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