February 10th, 2018 4:05 PM by Teacher Staff
1. Half Price Homes (50% off value) - Only HUD’s Good Neighbor Next Door program offers homes at 50% of the current appraised value. If there is a Good Neighbor Next Door home available in your work area, and you meet the other eligibility requirements, you may be able to purchase the home for only $100.00 down, using an FHA loan and you may use the Teacher Next Door GRANT to help pay all or part of your closing cost. 2. Housing Grants - Teacher Next Door is the National Home Buying Program that offers participants the opportunity to receive GRANTS and other home buying benefits. Good Neighbor Next Door is not a grant program and HUD does not offer grants for single family home buyers. 3. Down Payment Assistance - Teacher Next Door has down payment assistance programs available on any home purchase, in all 50 states. These programs include, Home in Five Advantage, Home Plus, Georgia Dream, Golden State Platinum, Florida First, Military Heroes, First Home, Chenoa and Unison, just to name a few. Your Teacher Next Door representative is trained in all the various programs and will explain your eligibility. Programs are each structured differently and eligibility varies by city and state. Good Neighbor Next Door offers no down payment assistance, outside of the $100.00 down plan on the Good Neighbor homes. 4. Eligibility - The Good Neighbor Next Door program requires that all buyers have one of four very specific job titles: Law Enforcement Officer (with arrest powers), Classroom Teacher (Pre-K through 12th grade), Firefighter or Emergency Medical Technician. (EMT) The Teacher Next Door Program, on the other hand, is much more inclusive. Teacher Next Door provides GRANTS, down payment assistance and other benefits to all teachers, law enforcement, firefighters and EMT’s, but also includes all their support staff. In addition, Teacher Next Door extends these benefits to Nurses, other medical professionals, government employees and Military personnel. If you are an eligible public service professional, you may use Teacher Next Door benefits to purchase any home on the market, not just Good Neighbor homes or other HUD homes. For a complete list of eligible professions, CLICK HERE.5. Location – Good Neighbor Next Door homes are all HUD owned and located in revitalization areas, chosen by HUD. To bid on a Good Neighbor home, you must work in the same area where the home is located.Since Teacher Next Door is a national home buying program and not operated by HUD, you may purchase any home on the market and are not required to work in the same area as the home. 6. Availability – Good Neighbor Next Door homes are extremely limited in their availability, as you might imagine, being half price. In some states, there are urban areas with several Good Neighbor homes available. Whereas, many other states may have zero Good Neighbor homes at any given time. When you bid on a Good Neighbor home, it is a lottery style bid. So, if there are 20 bidders, you will have a 1 in 20 chance of having the winning bid. With Teacher Next Door, there are usually plenty of homes available, because you may choose any home, in any neighborhood. 7. Residency Commitment - If you are the winning bidder on a Good Neighbor Next Door home, HUD requires a three-year residency commitment. Teacher Next Door does not have any limitations when it comes to residency.