Ever wanted to get 50% off list price on a house in Austin? There is one way you can. HUD’s (U.S. Department of housing and Urban Development) Good Neighbor Next Door program does just that. If you are employed as a law enforcement officers, pre-kindergarten through 12th grade teacher, or a firefighters/emergency medical technicians, you can qualify for half off the list price of a home.
The program was designed to help revitalize certain communities in Austin and nation wide while helping individuals become home owners. The homes must be located in specific locations know as revitalization areas. The buyer is required to occupy the home for three years in order to get the discount.
HUD homes are not always the best deal. Remember these are foreclosures that have been turned over to HUD to resale. They are all sold AS-IS and many of them need significant repair or replacement of fixtures. These homes are well suited for those who do not mind a little sweat equity.
HUD offers these homes very sporadically. It is hard to know when they will become available. Because the homes location in the revitalization areas is required to qualify for the program, there availability in Austin is unpredictable. Make sure you are ready when these homes become available. Check with you mortgage banker or broker to find out if you qualify for a loan. HUD requires the buyer to submit evidence of qualification for a loan with the contract.
If you are interested in buying a Good Neighbor home please let me know. I have information I can share with you, and would be more than happy to help you though the process.
Other Resources
About Ed Neuhaus
Broker and founder of Neuhaus Realty Group. I started working in real estate as soon as I could push a lawnmower and help clean up investment properties for my parents. Investing in real estate has always been a passion and now I have turned that passion into a way to help others. Buying and selling homes for others is just one way I think I can make the world better. No sales pressure, no gimmicks, just an honest work ethic gets the job done. Let me know how I can help you. Give me a call today at 512.366.3720
