Are you a teacher, law enforcement officer, firefighter or emergency medical technician in Dallas or Fort Worth? Are you looking to buy a house? Want to save 50% on it? That's right, I said 50%.
Well right now this is actually a possibility, due to the Department of Housing and Urban Development’s “Good Neighbor Next Door Program.”
Long story short, the HUD is offering half off a home mortgage if you are in one of the previously mentioned fields and find a property that falls into one of the designated geographic areas authorized by Congress under provisions of the National Housing Act.
Why would they do this? Basically, HUD desires to make the communities of America stronger and safer, and improve the quality of life in distressed urban communities by encouraging Law Enforcement Officers, Teachers (pre-Kindergarten through 12th grade), Firefighters, and Emergency Responders (EMT) to purchase and live in homes in these communities.
In return for the 50% discount, you must only prove once a year that you occupy the property as your primary residence. You must do this for a total of 36 months. In other words, as long as you live in the house for 3 years you never have to pay the other half of the mortgage! It’s that easy.
How does the discount work? Well, when you purchase the house, you will be required to sign a second mortgage for the other half of the loan. As long as you stay in the house for the requisite 3 years the second mortgage is wiped away after that time period.
You can even refinance the mortgage down the road if it happens to be to get a lower rate or even to make repairs (203k loan).
Want to find out if you qualify for this type of loan? Are you interested in seeing which properties qualify as a designated geographic area? Feel free to CONTACT US and we will get back to you as soon as possible.
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