There was a spot on the channel 24 ABC news the other night and one of my listings actually happened to be in the shot. The story is about the good neighbor program that is offered by HUD. This program is a great way to buy a home, and is especially great for first time home buyers. The program will allow Teachers, nurses, police officers and fireman to purchase HUD foreclosed homes at a 50% discount to what anyone else is allowed to purchase the home for. The program is a great tool to help those that sacrifice on a daily basis for the good of society.
Here is how it works. At the time of purchase there are two loans originated, both for 50% of the purchase price. One of the loans is a normal mortgage, and is just like any other mortgage, and one of the loans is a "silent" loan. For the silent loan there is no repayment of principal and no interest payments so long as one simple guideline is met. The new owner must purchase the home and be an owner occupant for 3 years before they sell it or move out. After that time period is over the second loan just goes away, and the owner is only left with one loan for 1/2 the price of the home. The Program though is usually only found in areas that are in need of "revitalization". Most of these designated areas are run down, and sometimes downright dangerous, but this program does strive to put people into those areas that can many times serve as a role model to the children living in the areas, who desperately need respectable role models to look up to in their life.
The home for sale in Bartlett that I have listed, 3341 Broadway, is down the street from the HUD house where the interview took place and oddly enough is not one of the designated areas where the program is available. Although it wasn't intended to be free advertising for my listing, I'll take all the exposure I can get, and in all actuality there have been 3 showings scheduled since the program aired less than 48 hours ago. I even had an agent tell me that they were going to bring me an offer. You can read the full story and view the video here.http://www.abc24.com/mediacenter/local.aspx?videoid=252520
For more information about how to buy a home using the Good Neighbor Next Door program checkout <a href="http://www.abc24.com/mediacenter/local.aspx?videoid=252520" target="_blank">here</a>