Good Neighbor Next Door

With the Good Neighbor Next Door (GNND) program, HUD offers for sale at 50% discount from the listing prices certain properties in HUD designated revitalization areas to teachers. The teacher must be employed full-time by a public school, private school, or federal, state, county, or municipal educational agency as a state-certified classroom teacher or administrator in grades pre-Kindergarten through 12. The public or private school where the teacher is employed must in the normal course of business serve the students from the area where the home is located. A teacher doesn’t have to be a first-time homebuyer to participate. However, neither the teacher nor her/his spouse may have owned any residential real property during the year prior to the date of submitting a bid on a home. In addition, the teacher and her/his spouse must not have purchased another home under the GNND program or under the predecessor Officer Next Door or Teacher Next Door programs. Finally, the teacher must agree to own and live in the home as her/his sole residence for three years after moving into it. Additional information for the GNND program can be obtained by visiting the following website: http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm

Under the Good Neighbor Next Door (GNND) programs a buyer purchasing the property with an FHA mortgage can finance into the mortgage all his reasonable and customary closing costs, including any prepaid items and real estate broker’s commission. HUD will not pay any closing costs or real estate broker commissions for the buyer under the GNND programs.

Deciding on an Escrow Account after a Refinance

The monthly mortgage dues of a borrower consist of homeowner’s insurance, private mortgage insurance and property taxes apart from the mortgage principal and interest payments. Lenders require that you pay the insurance amounts and the property taxes in an escrow account held by a third party called escrow services....

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HUD Guidelines for Manufactured Homes

A set of directives prepared by the Department of Housing and Urban Development (HUD) may have served to enhance the quality of manufactured homes. Homebuyers are quite willing to apply for mortgages for this highly affordable quality of housing. Here are the key guiding principles put forward by the...

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