Officer Next Door can help! All
law enforcement officers
and support staff may purchase ANY home on the market through the Officer Next Door Program. Plus, you may be eligible for the Officer Next Door Grant and additional down payment assistance for police officers and law enforcement.
What is GNND?
The Good Neighbor Next Door
(GNND) strengthens communities by making homeownership possible for public servants.
Who qualifies for the Good Neighbor Program?
Who is eligible for Good Neighbor Next Door Program? In order to qualify for this benefit program, you must be or have been
a law enforcement officer, firefighter, emergency medical technician
, or teacher who is employed (full-time) and be a current or prospective homeowner.
Do police officers get discounts on homes?
Law enforcement officers can
purchase a home for a 50 percent discount off of the list price
. If the home is purchased with a mortgage insured by the FHA, the participant is required to make a down payment of only $100. Participants may finance all of the closing costs, thus further reducing their out-of-pocket costs.
What is next door program?
Good Neighbor Next Door is a
community revitalization program
, sponsored by the U.S. Department of Housing and Urban Development (HUD), for teachers, firefighters, law enforcement officers and emergency medical technicians buying a home in a specific area.
How long must a person live in a home to qualify for the GNND program?
How long do I have to live in the GNND home? You must live in your GNND home for
at least 3 years
to sell it without a penalty. This time is extended 30 days for “IE” properties purchased with FHA 203B financing and 180 days for “UI” properties purchased with FHA 203K financing.
What is a NHF grant?
The NHF Sapphire down payment assistance program is a California homebuyer grant for moderate income individuals and families who
can qualify for a mortgage but need assistance with down payment to closing costs
. … The Sapphire Grant is not not limited to first time home buyers!
What is a good neighbor?
Good neighbors are
friendly
.
They introduce themselves, maintain relationships, and are approachable. They also enjoy being social in their community and encourage others to do so as well.
What is a HUD home?
HUD Homes (REO) A HUD home is
a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage
. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
What is a HUD lottery listing?
HUD Listing Periods
“Lottery” means
applicants must qualify under a special program
, such as the Good Neighbor Next Door initiative, which offers HUD homes to teachers, firefighters police officers and EMTs at 50 percent of the list price. An “extended” listing period indicates all offers may be presented.
What discounts do you get as a police officer?
- Affliction – 15% off any purchase. …
- Allen Edmonds – 15% off purchases. …
- Costco – Join and get a $20 Costco Cash Card.
- Jockey – 10% off a purchase for police officers.
- Levi’s – 25% off on all apparel.
- Lululemon – 25% discount, in-store only.
Do police officers get better mortgage rates?
Finally, law enforcement officers who use a conventional loan are rewarded for having
good
, higher credit scores with lower interest rates. Those with a lower credit scores can still qualify for a conventional home loan, but their interest rates are usually higher.
Do police officers get cheaper car insurance?
Why is police car insurance cheaper? … Whatever the reason for it, though, insurance claims data indicates that
police officers are generally better drivers and less likely to claim on their
personal car insurance policies than other motorists, and that fact often translates into cheap car insurance for police officers.
What is a piggyback loan?
A “piggyback” second mortgage is
a home equity loan or home equity line of credit (HELOC)
that is made at the same time as your main mortgage. Its purpose is to allow borrowers with low down payment savings to borrow additional money in order to qualify for a main mortgage without paying for private mortgage insurance.
How much do you have to put down for no mortgage insurance?
One way to avoid paying PMI is to make a down payment that is equal to
at least one-fifth of the purchase price of the home
; in mortgage-speak, the mortgage’s loan-to-value (LTV) ratio is 80%. If your new home costs $180,000, for example, you would need to put down at least $36,000 to avoid paying PMI.
What is Homes for Heroes program?
Homes for Heroes is
a service provider program, vetted and approved
. It was established to give back to not only military (active, reserves, and veterans), but also firefighters, EMS, law enforcement, healthcare professionals, and teachers.
