Home Buying Can Come With Deep Discounts for Community Heroes
Teachers and first responders have an enormous impact on our communities. What they consider routine can have life-changing implications for those around them. And although the financial rewards for these professionals may match their efforts, the contributions don’t go unnoticed.
One way their dedication gets recognized is through unique home buying and mortgage programs. These initiatives can make the path to homeownership a little shorter for deserving public servants.
One of the most significant plans to aid teachers and first responders is the Housing and Urban Development’s Good Neighbor Next Door Sales Program. It actually gives eligible individuals an opportunity to purchase HUD-owned homes at 50 percent off the appraised value.
Of course, taking advantage of such savings comes with some strict guidelines. In addition to having to work in one of the eligible professions, buyers must also reside in the home for at least three years. If not, they will lose the discount and instead pay full price. Also, the homes that are eligible for the discount are limited to single-family homes in HUD’s designated Revitalization Areas. The program is not limited to first-time buyers, but participants must not own another property and cannot have owned one for the preceding year.
Consider All Your Options
If the limitations of the Good Neighbor program are a bit too stringent, there are other options worth exploring. HUD maintains a list of local homebuying programs organized by state, which could connect you with down payment assistance programs or other resources depending on your eligibility.
However, despite any special programs that may be available to individuals in your profession, it’s also possible that the best deal for you will be a traditional loan option. Since every situation is unique, an FHA, VA, USDA or other loan could still offer the best value. Working with a lender you trust can ease the process of navigating the numerous choices and comparing costs.
Open Mortgage appreciates your service and would love to help put homeownership within your reach. Contact us today to speak with a Loan Origination Specialist.
I think this isa really wonderful option for our public servants who deserve the most pay but often reap the least. Yes, more traditional loans might still prove best, but I think the acknowledgement of what our public servants do for us by giving them a “break” is definitely a step in the right direction.