Are You A Good Neighbor Next Door? Phoenix Loan Program for Firefighters, Police Officers, EMTs and Teachers
Are you a Firefighter, Police Officer, EMT or a K-12 School Teacher? If so, you may be eligible to purchase a home in Phoenix, AZ using the Good Neighbor Next Door Program. Under this program, you may qualify for up to a 50% discount off the purchase price for homes located in certain revitalization areas in Phoenix.
•· Live Where You Work - If you qualify for this program, you must choose a home that falls in the area where you serve and work. Example: if you serve in Phoenix, and fall under one of the professions, you are eligible only to purchase a HUD repossessed home in the City of Phoenix neighborhood limits, unless you are a law enforcement officer. The live in/serve in rule does not apply to police officers.
•· Time Limits and Employment - Anyone purchasing a HUD home using the Good Neighbor Next Door Program must agree to reside in the property for at least three years, agreeing to sign a "silent-second" mortgage. If the property is sold within the first three years the silent-second must be repaid on a pro-rated basis.
•· Financing - You may finance all closing costs and must be able to make a down payment of at least one-hundred dollars.
It is always advantageous to get pre-qualified, especially when you are looking to purchase your home in the competitive Phoenix market. Before you begin your search for your home in Phoenix, AZ, you should contact the Krushinsky Team at 602-695-7575 or david@dkhomeloans.com to find out if you qualify for the Good Neighbor Next Door Program.
We have a number of similar programs in the Baltimore area for new homebuyers too. John's Hopkins has a great Live Near Your Work grant for it's employees.
Washington State has similar programs. Not sure of the details but I know that law enforcement is encouraged to live were they work and take there patrol car home in many cases.