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The Good Neighbor Next Door Program and TT Loans

If you qualified for a TT loan, you may also qualify for the Good Neighbor Next Door Program. No, this is not just finding a really nice person to live next to; this is finding a home in what is called a revitalization area of a community. There are lists in each state which identify the revitalization areas to which you could move. There are a great deal of benefits to this program, which will help you and your community.

In order to be eligible for the Good Neighbor Next Door program, you must work full-time as a firefighter, a kindergarten-12th grade teacher, a law enforcement officer, or an emergency medical technician. The program does not only apply to people who have a TT loan, it also applies to people with an FHA Loan, a conventional loan, or cash. The benefits from the HUD includes a 50% discount on the original list price of the home if you agree to make the home your permanent residence for at least 3 years. If you do not fulfill this 3 year policy, the HUD can force you to pay 1/36 the discounted amount for the house for every month you did not live in it. You will have to pay for the house whether you are living in it or not.

The HUD also requires that you sign a second mortgage and note on the discount of this home. After you do this, you are not required to make interest payments on this new mortgage. This new mortgage is often referred to as a "silent second" for the three years that you live in the home. When your three year period is over, you may sell your house and keep the equity or appreciation that was generated from your home. Not only do you have the chance of moving into a great home in a prospering place within the U.S., you will also receive an incredibly affordable price for this new location!

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