Log In  |  Contact Us  |  Help
Share Your Experience

 

 

Apply Now
Select a loan application:

GO

FHA Good Neighbor Program

 

FHA Good Neighbor Next Door Program 

This program is designed to help make the American community stronger and help build  safer communities and promote homeownership. The goal of this program is to encourage persons whose daily professional responsibilities are in the community, to live and stay in the community. HUD has developed this program to help these professionals to purchase homes located in revitalization areas at significant discount.

The Good Neighbor Next Door (GNND) program helps make this goal a reality by encouraging law enforcement officers, pre-K through 12th grade teachers and firefighters/emergency medical technicians to become homeowners in revitalization areas.

If your client meets the eligibility criteria, this program may help them purchase a home in a U.S. Department of Housing and Urban Development (HUD) revitalization area by offering qualified purchasers a 50 percent discount off the list price of homes available from HUD's inventory. They must agree to live in the home for three years and it must be their sole residence.


All participants must be employed full time by a federal, state, county, municipal government, Indian tribal government, division of local government, or public/private school. Current homeowners cannot participate. Eligible participants include:

• Law Enforcement Officers • Pre-kindergarten – 12th grade teachers
•Firefighters • Emergency Medical Technicians (EMTs)
HUD requires that they sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that they fulfill the three-year occupancy requirement.

For your convenience, we’ve provided the link to the list of properties available. The number of properties available is limited and the list of available properties changes weekly so please check often.
(click here)

 

Available for:

Purchase

   
Terms: 10, 15, 20, 25, 30 year fully amortizing fixed
5/1 Hybrid ARM
   
Residence Types: Primary residence only
1 unit single family
Townhomes
FHA Approved condos and PUDs
Manufactured
Note: If the property is listed on HUD’s Home Store link it is considered eligible.
   

Ineligible Property:

Investment properties
Multi-Unit Housing

Second homes
Non-Approved Condos
New Construction (never been occupied)

   
Loan Amount: FHA’s Max County limit up to the High Balance amount
   
Down Payment: $100 minimum borrower contribution
   
FICO: 620 +
   
Eligible Transactions 203(b)
203(b) Repair Escrow
203(k) Rehabilitation Loan
203(k) Streamlined Rehabilitation Loan

 

1st Rate Mortgage Services, LLC NMLS #216585
327 Dahlonega St., Suite 104 B, Cumming, GA  30040
Office:  (770) 334-8451 Ext. 101
info@1stRateMtg.com
Copyright © 2017 1st Rate Mortgage Services, LLC
A Georgia Residential Mortgage Licensee #32549
Privacy Policy  | Security Statement  |  Site Map