Save Big on Your Next House
There are a number of programs out there that select individuals can take advantage of for massive savings on their home purchase. Two such programs available through HUD that I’ve discovered recently are:
- The Good Neighbor Next Door: This program provides a 50% discount on the listing price of the house, provided that you live in the house for 3 years. In order to purchase one of these homes, you have to take out a second mortgage for the discounted amount. If you live up to your end of the deal, you don’t have to make any payments on the second mortgage.Who’s eligible?
- Law Enforcement Officers
- Emergency Medical Technicians
- Pre-K through 12th grade teachers
- American Dream Downpayment Initiative: This program provides assistance based on the greater of $10,000 dollars or 6% of the purchased homes value.Who is eligible?
- First time homebuyers (person(s) who have not owned a home in the past 3 years).
- Income must not exceed 80% of the local area median income.