Jan 7th 2008, 09:12

Good Neighbors Can Get 50 Percent Off HUD Homes

With a goal to strengthen America's communities, the Department of Housing and Urban Development (HUD) offers eligible professionals up to 50 percent off on single-family or one-unit homes. Through the HUD's Good Neighbor Next Door Program, law enforcement officers, teachers and firefighters/emergency medical technicians who meet the requirements can purchase an HUD home at half of its appraised value.

These homes must be in a revitalization area for the discount to be applied. HUD defines a revitalization area as a neighborhood "in need of economic and community development and where there is already a strong commitment by the local governments." Since there are hundreds of these across the country, there is a great demand for "good neighbors."

The idea behind the program is that the professionals can serve as positive role models and provide support to the community, thus helping revitalize the area.

Terms and conditions apply. For instance, HUD strictly requires that participants under this program must stay in the homes for a full 36 months; otherwise, HUD can demand repayment. Homes bought under this program can be resold after the obligatory 36-month occupancy period.

If you qualify, you can use FHA, VA, or conventional mortgages, or cash for financing. However, you must make offers through a real estate agent.

For more information about HUD's Good Neighbor Next Door Sales program, you visit the HUD website (www.hud.gov), or you can call 1-800-CALL-FHA (1-800-225-5342).

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