Half Priced homes from FHA

Published 8/7/2024

Calling all teachers, firefighters, law enforcement officers, and EMTs! Do you dream of homeownership but find the down payment a hurdle? Look no further than the incredible combination of the FHA 203k Rehabilitation Mortgage and the Good Neighbor Next Door (GNND) program. This powerful duo can slash your home purchase price in half while allowing you to renovate it to your liking!

Here's the rundown:

• The Good Neighbor Next Door (GNND) Program: Offered by the Department of Housing and Urban Development (HUD), GNND provides a 50% discount on the purchase price of HUD-owned homes in revitalization areas. That's right, you can get your dream home for a steal! But remember, this program comes with the responsibility of living in the property as your primary residence for 36 months.
• FHA 203k Rehabilitation Mortgage: This FHA-insured loan allows you to finance not only the purchase of a home but also the necessary repairs and renovations. This is perfect for GNND properties, which may require some TLC.

Here's how it works:

1. Qualify for GNND: Check your eligibility (teacher, firefighter, EMT, law enforcement) and research revitalization areas in your desired location (https://www.hud.gov/program_offices/housing/sfh/reo/goodn/gnndabot).
2. Find a GNND Property: Browse HUD-approved listings (https://www.hud.gov/).
3. Get Pre-Approved: Contact a lender to get pre-approved for an FHA 203k loan. This will help you understand your budget for both purchase and renovation.
4. Make an Offer: Find your perfect GNND home and submit an offer considering the renovation costs.
5. Close the Deal: Work with your lender and a qualified contractor to finalize the loan and renovation plans.

Benefits of this program:

• Affordable Homeownership: Substantial discount on the purchase price and potential for a low down payment with the FHA 203k loan.
• Revitalize Your Community: You become part of a neighborhood on the upswing.
• Renovate to Your Taste: The 203k loan allows you to customize your home to your needs and preferences.

Remember:

• There are eligibility requirements for both GNND and FHA 203k programs.
• GNND homes may require repairs, so factor in renovation costs when determining affordability.
• Working with a knowledgeable lender and contractor is crucial for a smooth process.

Become a homeowner and a community champion! Research the GNND program and FHA 203k loans to see if this incredible opportunity can help you achieve your dream of homeownership.