Good Neighbor Next Door

FHA Mortgage Lenders provide incentives for Law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians can contribute to community revitalization while becoming homeowners through FHA/HUD’s Good Neighbor Next Door Sales Program. The Good neighbor Next Door FHA mortgage loan program offers a 50% discount off from the list price of the home. The only requirement is that you must commit to live in the property for 36 months as your sole residence.

How the Good Neighbor Next Door Program Works- Eligible Single Family homes located in revitalization areas are listed exclusively for sale through t
he Good Neighbor Next Door Sales program. Properties are available for purchase through the program for seven days.

How do I calculate the loan amount for a mortgage under the Good Neighbor Next Door program?The qualifying buyer receives a discount of 50% off the sales price. However, HUD does not pay a buyer’s closing costs or real estate broker fees on the purchase of property through the Good Neighbor Next Door program. The closing documents should not show HUD as a source of funding for the buyer’s closing costs, prepaids or broker fees. If the buyer is purchasing the home with an FHA mortgage, the buyer may include in the FHA mortgage amount all of the buyer’s standard closing costs (including prepaids) and real estate broker fees, and make a ($100) down payment. A buyer using a financing option other than an FHA mortgage must comply with the terms and conditions of the selected mortgage.

How to Participate in Good Neighbor Next Door FHA Mortgage Program? Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits an offer on a single home a selection will be made by random lottery. You must meet the  FHA Good Neighbor Next Door requirements for  law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD’s regulations for the program.

Where can I get a list of available properties for sale under the Good Neighbor Next Door Program? Properties for sale under the Good Neighbor Next Door (GNND) Sales Program are single family one-unit HUD Real Estate Owned (REO) properties, located in HUD-designated revitalization areas.  The GNND program is available to eligible law enforcement officers, teachers, and firefighters/emergency medical technicians.To search for properties listed for sale under the GNND program, visit the HUD Home store website at: http://www.hudhomestore.com

Good Neighbor Next Door information links

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