FHA Good Neighbor Next Door
This government insured FHA program is specifically designed for teachers, firefighters, law enforcement officers and emergency medical technicians.
In exchange for promising to live in the home as your sole residence for at least 36 months (3 years), your loan amount will be discounted to 50% of the list price of the home. That means you can pay $50,000 for a home listed for $100,000! You just can’t beat that!
In order for a home to qualify, it must be located in a revitalization area and listed exclusively for sale through the Good Neighbor Next Door program. Homes are available for purchase through the program for 5 days after being listed.
For complete details on this program, visit the HUD website: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabot.
If your profession qualifies for this program and you don’t mind living in a revitalization area, you can gain immediate equity in your home after staying there at least 3 years.