FHA Good Neighbor Next Door Eligible candidates may purchase a property at a 50% discount from the current appraised value. For example, if the home has an appraised value of $150,000, you can buy it for $75,000. You can also apply for an FHA-insured mortgage and you may finance all closing costs, repairs, improvements, appliances and all acquisition of expenses.You must live in the home as your primary residence for three years to take complete advantage of the grant. After that, you can sell the home and keep all the profit, turn it into a rental home, or live in it as long as you like. There are no further restrictions after the three year commitment has been fulfilled
Who can qualify for the Good Neighbor Next Door program?
- Law Enforcement
Your employer must certify that you are employed full-time by a law enforcement agency of the federal government, a state, a unit of general local government or an Indian tribal government. Also, in carrying out such full-time employment, the person is sworn to uphold, and make arrests for violations of, federal, state, tribal, county, parish, township, or municipal law. Law Enforcement Officers are restricted to GNND homes that are within a reasonable commuting distance, since the home must be their primary residence.
Your employer must certify that you are employed full-time by a state-accredited public school or private school, as a classroom teacher in grades Pre-Kindergarten through 12th grade and that your agency serves students from the school district or, in the case of a private school, from the area where the home is located in the normal course of business. Public teachers are eligible for any home within the boundaries of their employer’s district. Private school teachers are eligible for any home within the servicing area of their employer.
Your employer must certify that you are employed as a Firefighter or Emergency Medical Technician by a fire department or emergency medical services responder unit of the federal government, state, parish, a unit of general local government, or an Indian tribal government serving the area where the home is located. First responders employed by privately owned companies are not eligible.
What are odds of winning?
Very good! The odds of winning are directly proportional to the number of entries. Many homes have been awarded to participants because they were the only lottery entry. If one Teacher, one Firefighter and one Officer were all in the lottery drawing for the same home, everyone has an equal chance and 33% chance of winning.
Is an FHA right for you?