That is not true. The program means that teachers, police, firemen, and other special workerds get first shot at certain homes. The general public can not bid until a certain time. The homes must be owner-occupied unless you bid as an investor. After so long anyone can bid and they can bid 50% of listed price as an investor. I bought three of these this year. I am very familiar with HUD homes and guidelines
Lori - it is called the Officer Next Door and Teacher Next Door home sales program. It is for teachers and police officers. They have to pay full price for the home, the have to live in it for 3 years, the property must be in a HUD designated 'revitalization zone'.
If the home is listed for sale by HUD for $200,000. They can purchase it at full price, taking out a 1st & 2nd mortgage for $100,000 each. If at the end of 3 years they met all the requirements the 2nd goes poof!
I'm and 8th grade teacher by day and REI to pay the bills - Tell me more about this HUD program.
That is not true. The program means that teachers, police, firemen, and other special workerds get first shot at certain homes. The general public can not bid until a certain time. The homes must be owner-occupied unless you bid as an investor. After so long anyone can bid and they can bid 50% of listed price as an investor. I bought three of these this year. I am very familiar with HUD homes and guidelines
Lori
[addsig]
Lori - it is called the Officer Next Door and Teacher Next Door home sales program. It is for teachers and police officers. They have to pay full price for the home, the have to live in it for 3 years, the property must be in a HUD designated 'revitalization zone'.
If the home is listed for sale by HUD for $200,000. They can purchase it at full price, taking out a 1st & 2nd mortgage for $100,000 each. If at the end of 3 years they met all the requirements the 2nd goes poof!
Dumdido there is lots of information available at HUDs website or by talking to a HUD certified broker. You can start here
http://www.hud.gov/offices/hsg/sfh/reo/ond/ond.cfm
This is a awsome program for teachers and fireman and it works I even got a sunday school teacher in one using this program so it works