We all want to be considered “good neighbors,” don’t we?
With HUD’s Good Neighbor Next Door program in place, you could just end up saving 50% off the listing price of a new home!
The GNND or Good Neighbor’s Next Door program works with police officers, teachers and firefighters/EMT’s with becoming homeowners while also contributing to community revitalization.
There are now hundreds of designated revitalized areas throughout the United States, and with a program like GNND, saving 50% off the price of a new home is quite astonishing.
Here’s how the Good Neighbors Next Door program works:
-Sign a mortgage for half the listing price THEN sign a “silent mortgage,” which disappears after three years of living in the new home in the revitalized area. And here’s the even better news – those who are qualified for the GNND program do not have to make any type of payments or interest on this “silent mortgage.”
Is it really that simple? YES!
50% off the new home for qualified for the GNND program. There are a few requirements:
-Must meet the HUD requirements of being a police officer, teacher or firefighter/EMT.
-The home must be a specifically designed home within one of the HUD revitalized areas in the United States
-You must live in the home for three years (36 months). If you sell or move from the home before that period, you will be required to pay back the silent mortgage.