Buying HUD Homes in North Carolina The Good Neighbor Next Door Program
Eleanor Thorne, Mortgage Loan Specialist in HUD homes.
People picking up some great deals on foreclosed home in NC, and if you're purchasing a HUD Home, qualified buyers may be able to get these houses with only a $100 down payment!
For Firemen, Police Officers, Teachers and qualified EMTs there is a special program called the Good Neighbor Next Door Program. Qualified people in these professions can bid on some of the NC HUD houses at 50% of the current HUD listed price. The homes that qualify for this program are all in areas that are zoned as revitalization areas.*
FHA does require a silent 2nd mortgage, for the discounted amount. (Our specialized HUD mortgage loan officers can explain this in detail.)
If you live in the home for three years there is no interest or payment required on this "silent second." After living in the Good Neighbor Next Door home for 3 years, you can sell the home keeping any equity and appreciation you might gain.
This program is primarily designed for first time home buyers in these professions. Parts of the qualifications are that you:
• do not CURRENTLY own any real estate
• you have not owned real estate during the 365 days prior to your offer
• If you are married, these requirements also apply to a spouse
Those who qualify for this bidding process can purchase the homes with as little as $100 down remember that they are in areas that are "zoned" as revitalization areas so not all HUD homes qualify for this program.
* Revitalization Areas are HUD-designated geographic areas authorized by Congress under provisions of the National Housing Act. Revitalization Areas are intended to promote "the revitalization, through expanded homeownership opportunities, of revitalization areas."
The criteria for designating an area as a Revitalization Area relate to:
1. Household Income,
2. Homeownership Rate, and
3. FHA-insured mortgage foreclosure activity.
HUD Homes generally come on the market at the end of every month - so check back!
If you want information about the Good Neighbor Next Door Program or other mortgage programs available to help you buy foreclosed homes, or to purchase a HUD home in Raleigh for $100 down payment - call 919-624-6726 or 919-280-2726.
We will connect you with government loan specialists Eleanor Thorne who is the expert in the Good Neighbor Next Door Program, buying foreclosures in NC, and using the FHA 203K program to renovate a foreclosed home!
Other things to consider when buying a Raleigh home are Pre-Approval vs. Pre-Qualified, Questions You Need to Ask a Raleigh Realtor and Raleigh Home Buyer - Don't Trip Up Your Raleigh Home Loan.
If you want information about other mortgage programs available to help buy foreclosed homes, or to purchase a HUD home in Raleigh for $100 down payment Email Us or Call Us Today at 919-280-2726
