In an effort to make American communities strong the Department of Housing and Urban Development has incentive programs for professionals. Today I will review the one called “Teacher Next Door”
This program is open to any person employed full-time by a state accredited public school or private school as a classroom teacher in grades pre-K through12. Participants must certify that they are employed by a school, and in good standing, that serves the school district/jurisdiction in which the home they are purchasing is located.
You don’t have to be a first-time homebuyer to participate. However, neither you nor your spouse can own any residential real property for the calendar year preceding the date of your HUD home purchase. You must agree to live in the HUD home as your only residence for 3-years after you move into it.
Here’s the exciting part…
The selected bidder may purchase the property at a 50 percent discount from the list price. For example, if a HUD home is listed for $100,000, a teacher can buy it for $50,000. To make a HUD home even more affordable, you can apply for an FHA-insured mortgage with a down payment of only $100 and you may finance all closing costs.
If the home you want to purchase needs repairs, you may use FHA’s 203(k) mortgage program. This program allows you to finance both the purchase of the home and the cost of needed repairs. You have the benefit of one loan for both costs and one monthly payment.
Check The Daily HUD to see if there’s a home you might like to make your own!
MORE INFO
For more information or to schedule a showing right away, txt your phone number to 215.630.1550.
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Melissa Centifonti
Philadelphia Hud Home Specialist
melissa@realtorsinphilly.com
215.630.1550
