How Does the Good Neighbor Next Door Program Work?

If you’re a qualifying worker in a community-based profession, you can purchase a house for 50% off the list price and finance the purchases with down payments as low as $100. The federal Good Neighbor Next Door Program makes all those benefits possible. 

This article will show you what you need to know about this program and how it works.

If you’re searching for the best Home loan in Woodland Hills, CA, call or message our mortgage brokers for assistance.

What is The Good Neighbor Next Door Program?

Stand-alone houses, condominiums, or townhouses located in neighborhoods designated as revitalization areas can be listed for sale in the program and are available for purchase for up to 1 week. The Good Neighbor Next Door Program was created to make homeownership cheaper for public servants and, simultaneously, help certain areas be revitalized. 

If you’re eligible for the program, you can submit your interest in the house and follow the instructions for that specific home. After HUD verifies your eligibility, you can purchase the property at 50% off. For example, if the property’s listing price is $200,000, you can buy the home for $100,000. Contact our mortgage professionals for inquiries if you want to know how you can qualify for an FHA loan.

Who is Eligible for the Program?

To qualify for the program, you must be in one of the professions listed down below:

  • Firefighter

  • Law Enforcement

  • Pre-Kindergarten through 12th-grade teacher

  • Emergency Medical Technician

For three years, you must also live in the house as a primary residence. Depending on the circumstances, you will have to move into the house within 30, 90, or 180 days. 

You must also guarantee that it is your intention to be employed for a year beginning with your purchase. Do not apply for the program if you know you will not be employed for at least a year.

Get a First responder home loan by Nuline Funding if you want to purchase a home in California.

Conclusion

If you need assistance purchasing a house or want a good deal and work in a qualifying public-service profession, you should apply for the Good Neighbor Next Door Program to get a big discount on your home.

Ready to settle down in California? Get in touch with a mortgage broker and get a mortgage in Woodland Hills, CA.

 


* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.