Police, Firefighters, and Teachers Need a Break! Oh! Here's one!

Let's face it, some people do a lot of work with virtually no return. You guys put your life on the line every day ( including teachers ) every day for meager wages. There is a little know Federal loan program that might put a little light in your life. It is called the " Good Neighbor Next Door " program. What is in it for you, you might ask.

• Less strict underwriting guidelines.
• Purchase price 50% less that the Government's asking price.
• $100 needed at closing.
• FHA rehab loans are available.
  

Sounds pretty good, eh? Well, here is the down side.

• Limited availability of housing.
• Cannot have owned a home for last 12 months prior to purchase.
• Homes listed are in high demand and sometimes are distributed via a lottery system.
• They like you to purchase where you work or service.
• It's a one time deal.
• If you stay there less than three years, you owe a pro rata portion of the other 50% of the home balance.
• The houses are usually trashed.

Things you as public servants need to do:

• Call HUD and see if you qualify.
• Interview Realtors that Specialize in HUD programs. You have to have one.
• Interview lenders. Trust me, some won't know what you are talking about. I say test them, see if they know at least what I have already told you, if not, RUN!
• Accept my thanks for your public service and invite me to your next Fire Hall supper ( well ok, you don't have to do that)

For more specific guidelines and instructions, go here!