Good Neighbor Next Door Sales Program
HUD’s Good Neighbor Next Door (GNND) program offers a huge incentive for law enforcement officers, firefighters, emergency medical technicians and teachers (pre-Kindergarten through 12th grade) to buy a Denver HUD home. Buyers who fall into one of these categories can receive a fifty percent discount off the list price of eligible HUD properties, including single unit homes, townhouses, and condominiums.
The Good Neighbor Next Door program aims to encourage home ownership and revitalize communities. The program is available in “Revitalization Areas,” designated by HUD according to:
1. Household Income,
2. Homeownership Rate, and
3. FHA-insured mortgage foreclosure activity.
In order to qualify, buyers must commit to keep the HUD home as their primary residence for at least 36 months. HUD also requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this “silent second” provided that you fulfill the three-year occupancy requirement, otherwise buyers may be required to pay a portion of the discount to HUD.
In order to purchase a HUD home through GNND, qualified buyers should begin by checking the listings here. Properties are available for purchase through the program for five days. The number of available properties is limited, and the list of available homes changes weekly. Buyers must offer the exact HUD list price when bidding on any GNND property. Once their bid is accepted, the 50% discount will be applied, as long as the buyer meets the eligibility requirements.
HUD’s Dollar Homes program aims to help local governments address the needs of low- to moderate-income families by offering them the opportunity to purchase specified HUD homes for $1 each. Local governments tap into existing housing programs or partner with nonprofit organizations to purchase one-dollar homes and resell them to low- and moderate-income residents.
Homes available through the Dollar Homes program are single-family properties that the FHA has been unable to sell within six months. Only qualified HUD homes are available for purchase as part of the Dollar Homes program. You can check listings of one-dollar HUD home in your area here.
FHA offers qualified community- and faith-based nonprofit organizations the opportunity to purchase discounted HUD homes under the direct sales program. With discounts up to 30%, organizations can invest in their communities by rehabilitating properties and reselling to low- to moderate-income families and first-time buyers.
Nonprofit organizations that wish to purchase HUD homes at a discount must send an email directly to the Program Support Division of their local HUD Homeownership Center (HOC). Further instructions on how to participate in FHA nonprofit activities can be found here.
To see HUD homes available to nonprofits for discounted prices, check the listings here.
Click Here to view all available HUD Homes in Denver area