Buy Your First Home at 50% Off
Hi, thank you for stopping by Houston First Time Home Buyers Edition on this slightly overcast Thursday afternoon. Today we will touch on a very special down payment assistance program that is available specifically for Houston First Time Home Buyers Service Professionals. If you are a:
Teacher (Pre-K through 12th grade)
Law enforcement officer
Firefighter
Emergency medical technician.
The Good Neighbor Next Door Program is for you. It allows you to buy a home in a revitalization area for 50 percent off the list price. However, the home must be your principal resident and you must commit to live in the home for 36 months (3 Years) for the discounted amount to be forgiven.
Eligible Single Family homes located in revitalization areas are listed exclusively for sale through the Good Neighbor Next Door Sales program. To participate in the Good Neighbor Next Door Program, you must meet the requirements for law enforcement officer, teacher, firefighter or emergency medical technician, and comply with HUD's regulations.
The number of homes available are limited and the list of homes does update weekly. HUD will require you sign a second mortgage note for the discount amount. However, no interest or payments will be required as long as you fulfill the three-year occupancy requirement.
At the end of the required three-years, the second mortgage will be released, provided you meet the additional requirements that include, but not limited to, completing and returning the annual certifications. After the release is filed, a copy will be mailed to the home address no later than thirty days after the end of the required occupancy period, and the second mortgage will no longer show up on the title to the property. Additionally, there will be no further obligation or restrictions imposed by the Department of Housing and Urban Development.
As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana
