Half-Priced Homes from HUD

What to Know: Spread the word to your teacher, police officer, firefighter, and emergency medical clients: There’s a program that they can use to buy homes at half the cost.

The Department of Housing and Urban Development’s (HUD) sponsored-housing program called

Good Neighbor Next Door is a little publicized program that allows police officers, teachers, firefighters, and emergency medical technicians to purchase some homes at half the purchase price. To be eligible, the buyers must agree to live in the home for at least three years and the buyers must not have owned any other residential property within the previous year. The home prices of the HUD properties are cut in half, but buyers must be able to qualify for a loan equal to the full price of the property. Buyers can search for eligible properties in their local area at hudhomesstore.com. If multiple buyers come forward on a property, HUD will select the winner at random in a lottery, If no buyers come forward for a property, the home is then offered at full price to any buyer, as long as they agree to become an owner-occupant. The program is a “phenomenal opportunity” for first-time buyers. Also, the numbers of listings have dwindled in recent years as HUD’s stock of foreclosure properties has declined, he notes.
Source: RosaPace@Realtor.com