Good Neighbor Next Door Program in Arizona

GOOD NEIGHBOR NEXT DOOR PROGRAM

Buying a home through the HUD's Good Neighbor Next Door initiative is designed to encourage renewal of revitalization areas by providing an opportunity for law enforcement officers, emergency medical technicians, fire fighters and teachers to purchase homes in these communities. HUD provides a substantial incentive in the form of a 50% discount off the list price of eligible properties.

YES I DID SAY 50% OFF!

You must agree to owner occupy the property for three years and will be required to certify annually that you are living there.  At the time of the close you will sign a second mortgage for the other 50% of the selling price of the home.  There are no interest or payments required on this second loan as long as you occupy the property and do not sell it for the three years.  
 

Borrower Eligibility: 

•  Cannot have owned a home for one year prior to the date of submitting the offer under this program.
• Must agree to live in the subject property as a primary residence for 3 years
• Must be in good standing with your employer
• Employment Requirement must be met when bid is submitted and prior to close  (HUD Form 9549 E)

HUD defined employment as follows:

• Full Time School Teacher and employed be a state accredited public or private schools.  Participants school must serve the school district / jurisdiction in which the home they are purchasing is located.
• Full Time Emergency Medical technician by a fire department or Emergency Medical Responder unit of the Federal Government, a state, or a unit of general local government and full time Firefighters.
• Full Time Law Enforcement officer employed by a law enforcement agency of the federal government, a state, or unit of general local government and must be sworn and have the power to arrest.

Borrower must meet all FHA loan guidelines

You can see available properties by going to www.hudhomestore.com and inputting "AZ" under state and "Good Neighbor Next Door" under the Status.  Make sure to check back on their website often because inventory is always changing.  Be sure to get qualified for your loan so you are ready to make an offer.

To see if you qualifty for an Arizona mortgage, please call 602 993-0000 or