If you are a police officer, firefighter, emergency medical technician, or a pre-Kindergarten through 12th grade teacher, please do not purchase a home until you have read this article. The United States Department of Housing and Urban Development (HUD) has developed a new program with the sole purpose of filling designated "revitalization areas" with employed professionals in an attempt to strengthen certain communities throughout the country. This program is rightfully named the Good Neighbor Next Door Program (GNND), and is available in numerous communities, in each state, nationwide. And why would these employed professionals choose to participate in this program? The main incentive for buying a home in one of the designated revitalization areas is the 50% discount associated with purchasing one of these HUD homes. Yes, I said 50% discount. Qualified buyers can purchase a $200,000 home and only pay a $100,000 mortgage. The other half of the mortgage is considered a "silent second" mortgage, which the buyer must sign at time of closing. This program is truly a great deal, especially since homeowners have the option to sell the HUD home after the 36 month occupancy period is over, leaving them free to collect the full profit from the sale.
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