Well this isn't about awarding your amazing neighbor next door or praise about my neighbors whom I think are awesome, however it is great information for People looking to Purchase a Home and happen to fall in to the eligible category listed below.

GNND= Good Neighbor Next Door (FYI, I will be using the abbreviation a lot in this blog)

The Neighbor Next Door initiativesare a collection of FHA's home sales programs designed to help communities and promote homewownership.One of those programs is the GNND. In an effort to strengthen America's communities, the U.S. Department of Housing and Urban Development, otherwise known as HUD offers HUD owned single family homes to eligible participants through the Good Neighbor Next Door Program. By using the GNND Program participants can get a 50% discount off the HUD appraised value. Example if the home is listed at $100,000 then it can be purchased for $50,000 through the program. Below is more information on this amazing program:

WHO IS ELIGIBLE ?

• LAW ENFORCEMENT (Employed Full-Time Federal, State, County, Tribal, Township or Municipal)
• TEACHERS(Employed Full-Time State-Accredited public/private school that directly services students grades Pre-K through 12^th Grade. The school in which the teacher is employed must serve students from the area that the home being purchased is located.)
• FIREFIGHTERS/EMERGENCY MEDICAL TECHNICIANS (Employed Full-Time as a Firefighter or Emergency medical tech. by a fire department or emergency medical service responder unit of the Federal/State Governments or Tribal Government serving the area the home to be purchased is located.)

*Some Agencies have other home buying programs. The GNND program can work in conjunction as long as you can meet all the GNND program rules while you take part in the other programs. No other residential property can be owned at the time or 1 yr previous to an offer being submitted.

*36 Months mandatory Occupancy Period(This must be your Primary Home) HUD can conduct spot checks to make sure the GNND home is your sole residence at any time during the 3 yrs. Failure to honor the 3 yr occupancy requirement will result in HUD demanding repayment of the discounted amount on a prorated basis. HUD also may initiate administrative sanctions including, but not limited to, barring the participant from partaking in any HUD/FHA programs, as well as other programs. In any case there is Fraud or Abuse of this program there is a possibility of criminal prosecution which can result in two yrs in federal prison and/or a fine up to $250,000. If the participant sells the GNND home after 3 yrs the appreciation/equity is the home owner's profit.

*Participants MUST use a Real Estate Broker or Agent to buy a GNND Home. Also 1% Earnest Money Deposit is required by the participant. It shall be no less than $500 and no more than $2,000. All offers are considered a commitment. HUD list price is not negotiable. HUD homes are located in designated Revitalization Areas. (See HUD website for map)

FINANCING

Cash or FHA, VA or Conventional mortgages may be used to purchase HUD home. HUD requires participants to sign a Second Mortgage and Note on the discounted amount (which is $50,000 in the example above). No interest or payments are required on this "silent second" mortgage if you occupy the home for the full 36 months.

HUD Homes are sold AS-IS so consider an FHA 203k, 203b or Streamlined 203k program if the home is in need of rehabilitation or repairs.

*MORE Information and can be found on the HUD website as well as a map of where the homes are located.

Please speak with your Loan Officer/Mortgage Consultant and Realtors for all other information on the GNND Program.