50% OFF HOME SALE!!

The Department of Housing and Urban Development, or HUD, has a great deal for law enforcement officers, teachers, firefighters, and EMTs. If you meet the requirements of the Good Neighbor Next Door Program you can get a 50% discount on a new home!

From the beginning -
When a homeowner defaults on his or her mortgage and the home goes through the foreclosure process, HUD becomes owner of that property. HUD's new project, The Good Neighbor Next Door Program, or GNND, will strengthen America's communities and get families back into these newly available homes by making them more affordable to our hardest working citizens.

The rules -
In order to be eligible for HUD's 50% off sale you must be employed (and certify that you intend to remain employed for at least one year) as a law enforcement officer, teacher, firefighter, or EMT. Also, you must live in the purchased home as your sole residence for a full 3 year "Occupancy Period." When you purchase the home you are required to sign a "Silent Second Mortgage" for the 50% discounted amount. If you stay in the home for the required 3 years, this second mortage will expire and no interest or payments are required. If, however, you sell the home before the 3 year Occupancy Period is up, you will be required to pay back that 50% Silent Second mortgage. Unlike the $8,000 First Time Homebuyer Tax Credit, you do not need to be a first time homebuyer to take advantage of the GNND program. The price of GNND properties is non-negotiable. You must offer the exact HUD assessment price, and then you will get the 50% discount off of that list price.

Find your HUD home -
See all Wisconsin homes available through the GNND program

(Information from www.hud.gov)