To help strengthen revitalizing communities, the Department of Housing and Urban Development created the Good Neighbor Next Door (GNND) program. The program offers a 50% discount on the purchase price of a home—with a low down payment of $100 for FHA loans—to members of society who have dedicated their lives to community betterment.
There are three key factors to consider for the GNND discount:
The borrower’s job
The borrower must work full time in one of the program’s specified professions. They are:
- Law enforcement
- Teachers (pre-K through grade 12)
- Firefighters/Emergency Medical Technicians
The program approval process includes certifying that the borrower intends to remain in the eligible profession for one year from the date of purchase.
Where they live
The home must be in a revitalization area and listed exclusively for sale through the GNND program.
Borrowers do not have to be a first-time homebuyer to participate in the GNND program. However, they cannot own any other residential property at the time an offer is submitted, and for one year prior to that date.
How long they intend to live there
The borrower must agree to own and live in the property as their sole residence for three years (36 months). An annual certification will be mailed on the anniversary of the purchase. The borrower must sign, date and return the form each year to verify that they’re still living in the home.
Let your eligible homebuyers know about this great opportunity!
Additional program details and eligible homes by state can be viewed at hudhomestore.com/Home/GNND.aspx