Good Neighbor Next Door Program
The following guidelines pertain only to Good Neighbor Next Door homes.
One of the many programs available through Teacher Next Door is HUD's Good Neighbor Next Door Program. Since teachers can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program, HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence. The number of Good Neighbor Homes is extremely limited.
How the Program Works
Eligible single family homes located in revitalization areas are listed exclusively for sale through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for five days.
How to Participate
Since Good Neighbor Next Door homes are only available for five days, the first step is to get your PRE-APPROVAL. Once you are approved, your licensed Teacher Next Door agent can provide a list of any Good Neighbor homes that become available in your area. Then he or she will submit your interest in purchasing a specific home. If more than one person submits on a single home, a selection will be made by random lottery. You must meet the requirements for teachers and comply with HUD's regulations for the program.
HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that you fulfill the three-year occupancy requirement. You may CHECK LISTINGS in your area to see what’s available right now, but please remember that bidding is only open 5 days. The number of properties available is limited and the list of available properties changes daily.
Who Can Participate?
Teachers Pre-K thru 12
You may participate in the Good Neighbor Next Door program as a Teacher if you are employed as a full-time teacher by a state-accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12. In addition, the public or private school where you are employed as a teacher must serve students from the area where the home you are purchasing is located in the normal course of business.
What if I don't win the bid or there are no Good Neighbor homes available?
If the winning bid goes to another buyer or there are no Good Neighbor Next Door homes available in your area, you may still purchase ANY home on the market through the Teacher Next Door Program and the above restrictions do not apply. You may also be eligible for certain grants and down payment assistance programs through Teacher Next Door.
What is the next Step?
Whether you are bidding on a Good Neighbor home or just looking to purchase a new home for your family, the first step is to complete the short Pre-Application and obtain your pre-approval. Your personal financial information is not collected on the pre-app and there is no credit check required.