Next Door Program
Program was established by the Department of Housing and Urban Development (HUD) is designed to offer single-family houses, townhouses and condominiums for sale to teachers at a 50 percent discount. The goal is to encourage police officers to buy homes in low and moderate-income neighborhoods.
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Who can participate?
The OND program is open to any person employed full-time sworn law enforcement Officer , Federal, State county or municipal government; or a public or private college or university. You must be sworn to uphold, and make arrests for violations of, Federal, state, county, or municipal law. Your employer must certify that you are a full-time police officer with the general power of arrest. Your employer must certify that you are a full-time police officer with the general power of arrest. You don't have to be a first-time homebuyer to participate. However, you cannot own any other home at the time you close on your OND home. You must agree to live in the HUD home as your only residence for three years after you move into it. Additional details and rules may be found in the program regulations. How do I participate? OND property is listed and sold exclusively over the internet. Properties are single family homes located in Revitalization Areas. Properties available through the program are marked with a special Office Next Door button. Bids are awarded once each week. Your bid must be the amount of the list price. You may submit your bid directly or utilize the services of a real estate broker. Winning bids are randomly selected by computer. The winning bid is posted each week on the web site where you made your bid. You may also buy a home from a government agency or a nonprofit organization that bought the home from HUD. When an agency or nonprofit buys the house, HUD expects the full discount to be passed on to you. In all cases, HUD 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. What Are the Benefits for the Officer? The selected bidder may purchase the property at a 50 percent discount from the list price. For example, if a HUD home is listed for $100,000, an officer can buy it for $50,000. To make a HUD home even more affordable, you may apply for an FHA-insured mortgage with a downpayment of only $100 and you may finance all closing costs. If the home you want to purchase needs repairs, you may use FHA's 203(k) mortgage program.
This program allows you to finance both the purchase of the home and the cost of needed repairs. You have the benefit of one loan for both costs and one monthly payment. Discuss these financing options with your lender. Because homes sold through the OND program are located in Revitalization Areas there may be additional assistance from state or local government sources. Local or state governments want to encourage families and businesses to move into Revitalization Area neighborhoods. Contact your state government housing office or local municipal government and request information on assistance for home buyers. In order to purchase an Officer Next Door Home you should be pre-approved and have a letter of commitment for an approved loan.
Get started before making your offer to insure a smooth, stress free, transaction.
If you would like to apply for this program, please proceed to our Next Door Program Application
HUD/FHA MAKES NO WARRANTIES AS TO THE VALUE AND/OR CONDITION OF ANY FHA-APPRAISED PROPERTY.
Buyers/borrowers must determine for themselves that the price of the property is reasonable and that it's condition is acceptable
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