How to Buy a Home for Half Off
Okay, did that title get your attention? No this is not some get rich real estate scheme. However, I wanted you to be aware of a program that can help many Corona residents who are looking to get a slice of homeownership. So here’s the deal…
HUD which stands for the U.S. Department of Housing and Urban Development has a program called Good Neighbor Next Door. It allows Pre-k through 12th-grade teachers, law enforcement officers, firefighters, and emergency medical technicians to buy homes at a 50% discount! Yes, you read that right. Now, what’s the catch?
Well, these are homes that were foreclosed on that need to be revitalized. Hence the program’s name…you’re the “good neighbor”. HUD wants to provide you with a significant discount because you’re helping to return the neighborhood to its former glory one house at a time. In return, you must commit to living in the home for three years as your primary residence. To make things kosher, HUD will put a second mortgage on the home for the discounted amount. Don’t worry. No interest or payments will be required as long as you live in the home for 36 months.
I recently did a search for properties online at the program’s website in my county and found several homes that were less than $350,000. That’s significantly cheaper than the average price of a home in our region, which is currently just under $550,000. The site provides several pictures of the home, inside and out to give you a good idea of what to expect. Listings change on a weekly basis but the homes I recently found looked incredibly promising to me.
At a time when becoming a homeowner has become harder and harder to achieve, this program can offer a silver lining. Talk with a real estate agent who can help seal the deal and make sure to share this post on social media so that others can learn about this great offer.