July 31, 2021

MP Now News

Mortgage News

Here’s how to buy a home at a deep discount.

HUD’s Good Neighbor Next Door program serves two purposes: providing housing for frontline workers at a 50% discount and helping revitalize communities across the country.

Who is Eligible?

The Good Neighbor Next Door program is available to law enforcement officers, firefighters, paramedics, and teachers.

How much is the discount?

Eligible participants can purchase a house at 50% of the current price Estimate. For example, if a home estimates $ 300,000, the buyer pays $ 150,000. The other $ 150,000 goes “silent” second mortgage that is taken after 36 months of residence.

Four firefighters talk and laugh in their gear while standing next to a fire truck.

Specific authorization:

Not every police officer, firefighter, paramedic, or teacher qualifies for the Good Neighbor Next Door program. Here are the specifics.

Prosecution

Officials must be employed full-time by a federal government, state, municipality, local government, or Indian tribal government. As part of your professional duties, you must be obliged to make arrests. Law enforcement officers from private companies are not allowed.