These same requirements must be met for the grant program, but homeowners must be 62 years or older to be eligible for a grant. Loans of up to $20,000 and grants of up to $7,500 are available. Loans can be set for up to 20 years at 1% interest. A real estate mortgage and full title services are required for loans of more than $7,500. Grants can be recaptured if the property is sold in fewer than three years. Loans and grants can be combined for up to $27,500 in assistance.
THE GOOD NEIGHBOR NEXT DOOR SALES P R SALES PROGRAM
Law enforcement officers, pre-kindergarten through 12th-grade teachers, firefighters, and Emergency Medical Technicians (EMTs) can take advantage of HUD’s Good Neighbor Next Door Sales program. This allows those eligible to become homeowners while contributing to community revitalization. HUD offers a notable incentive in the form of a discount of 50% from the list price of the home. The stipulation is that you must commit to live in the property as your sole residence for 36 months. Single-family homes in revitalization areas are listed exclusively for sale through Good Neighbor Next Door Sales. Properties remain listed for purchase for seven days through the program. To submit your interest in purchasing a certain home, it is advised to check the listings for the state in which you reside in. If multiple people submit an offer on a single home, the winner will be chosen by random lottery. You must meet the requirements for an EMT, teacher, firefighter, or law enforcement officer and comply with HUD’s regulations for this program. 85
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