{"id":16588,"date":"2020-05-13T09:21:24","date_gmt":"2020-05-13T16:21:24","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=16588"},"modified":"2024-05-28T13:54:16","modified_gmt":"2024-05-28T20:54:16","slug":"buyer-how-does-the-good-neighbor-next-door-program-work","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-how-does-the-good-neighbor-next-door-program-work\/","title":{"rendered":"Won\u2019t You Be My Neighbor: Demystifying How Does the Good Neighbor Next Door Program Work"},"content":{"rendered":"<p>Picture this: You\u2019re shopping for a new house, and you see that beautiful, special place that already feels like home. It\u2019s <i>the one<\/i>. Then you check out the neighborhood and realize it\u2019s completely out of your budget. Heartbreaking.<\/p>\n<p>But wait! The government has a program where they will discount 50% \u2014 yes, <i>half <\/i>\u2014 of the price so that you and your family can live there. Does that sound too good to be true? It\u2019s not if you qualify for the U.S. Department of Housing and Urban Development (HUD\u2019s) Good Neighbor Next Door program.<\/p>\n<p>So how does the Good Neighbor Next Door program work? In a nutshell, the Good Neighbor Next Door program was designed to strengthen communities by making <a href=\"https:\/\/www.fdic.gov\/consumers\/community\/mortgagelending\/guide\/part-1-docs\/good-neighbor-next-door.pdf\">homeownership possible for public servants<\/a>. The communities are designated by HUD as \u201crevitalization areas,\u201d and are defined as such by three criteria: Household income, homeownership rate, and the rate of FHA-insured mortgage foreclosure activity.<\/p>\n<p><b>One note:<\/b> During riskier loan environments (such as during a recession or pandemic), government programs like Good Neighbor Next Door might be put on hold. Talk to your real estate agent about alternatives if this affects your home purchase.<\/p>\n<figure id=\"attachment_16591\" aria-describedby=\"caption-attachment-16591\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-3.png\" target=\"_blank\"><img decoding=\"async\" width=\"666\" height=\"381\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-3-666x381.png\" class=\"attachment-content size-content\" alt=\"A close-up torso-view of a firefighter with painted fingernails sitting against a concrete wall.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-3-666x381.png 666w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-3-64x37.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-3-128x73.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-3-192x110.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-3-432x247.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-3-500x286.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-3.png 700w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/a><figcaption id=\"caption-attachment-16591\" class=\"wp-caption-text\">Source: (Pixabay \/ Pexels)<\/figcaption><\/figure>\n<h2>Who is eligible?<\/h2>\n<p>The Good Neighbor Next Door program is available to individuals in certain professions, including:<\/p>\n<h3>Law enforcement officers (police officers and sheriff deputies)<\/h3>\n<p>To participate in the Good Neighbor Next Door program, you must be a full-time employee of a law enforcement agency at the federal, state, or local level, or a Native American tribal government.<\/p>\n<h3>Teachers<\/h3>\n<p>To qualify for the program as a teacher, you must be a full-time employee of a state-accredited public or private school for kindergarten through 12th grade. For teachers, there\u2019s another requirement \u2014 the home you\u2019re looking to purchase through the Good Neighbor Next Door program must be in the same area in which you work.<\/p>\n<h3>Firefighters<\/h3>\n<p>You must be employed full-time as a firefighter at the federal, state, or local level, or with a Native American tribal government. As with teachers, the home must be in the area in which you work.<\/p>\n<h3>Emergency medical technicians<\/h3>\n<p>In order to qualify for the Good Neighbor Next Door program, EMTs must be employed full-time at a federal, state, or local level, or with a Native American tribal government, and the home purchased must be in the same area as where you work.<\/p>\n<p>The program is designed to give people in these specific professions an opportunity to purchase a single-family home at a 50% discount in one of HUD\u2019s \u201crevitalization areas.\u201d Remember, neighborhoods in the program are defined by three distinct criteria:<\/p>\n<ul>\n<li>Median household income<\/li>\n<li>Homeownership rate within the neighborhood<\/li>\n<li>The rate of FHA-insured foreclosure activity in the neighborhood<\/li>\n<\/ul>\n<figure id=\"attachment_16590\" aria-describedby=\"caption-attachment-16590\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-2.png\" target=\"_blank\"><img decoding=\"async\" width=\"666\" height=\"381\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-2-666x381.png\" class=\"attachment-content size-content\" alt=\"A couple looking up good neighbor next door program homes on a tablet in a home office. .\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-2-666x381.png 666w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-2-64x37.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-2-128x73.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-2-192x110.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-2-432x247.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-2-500x286.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-2.png 700w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/a><figcaption id=\"caption-attachment-16590\" class=\"wp-caption-text\">Source: (Elly Fairytale \/ Pexels)<\/figcaption><\/figure>\n<h2>Where can I find GNND homes?<\/h2>\n<p>The Good Neighbor Next Door program exists nationwide, so there are neighborhoods in every state around the country. The homes are either single-family, multifamily (one-to-four-unit properties), townhomes, or condominiums.<\/p>\n<p>However, the homes for sale through the program are HUD-owned properties that previously had an FHA mortgage but were foreclosed on, so the supply of these homes is limited. HUD keeps an <a href=\"https:\/\/www.hudhomestore.com\/Home\/Index.aspx\">up-to-date database<\/a> of these homes, which is available to the public. You can search by state, county, ZIP code, city, price range, and more criteria.<\/p>\n<p>If there happen to be multiple buyers interested in purchasing a Good Neighbor Next Door home, a lottery system determines who gets it.<\/p>\n<h2>What are the conditions?<\/h2>\n<p>In addition to meeting the employment conditions cited above, you must agree to live in the house for at least three years (36 consecutive months) before selling the home. There is no option to purchase investment properties under the Good Neighbor Next Door program, so the home must be owner-occupied for the full three years. Not only do qualified buyers get a 50% discount on these homes, but they can also offer as little as a\u00a0 <a href=\"https:\/\/www.fdic.gov\/consumers\/community\/mortgagelending\/guide\/part-1-docs\/good-neighbor-next-door.pdf\">$100 down payment<\/a> instead of the standard FHA minimum of 3.5%.<\/p>\n<p>At the time of purchase, buyers are required to sign paperwork for a second mortgage for the 50% discounted amount. Don\u2019t panic, though! No interest is accrued and no payments are required on this loan \u2014 as long as you remain in the home for the agreed-upon 36-month period. After those three years, the \u201csilent\u201d second mortgage is dismissed, as long as you, the buyer, complied with all Good Neighbor Next Door regulations.<\/p>\n<p>As for the 50% that you\u2019re responsible for, you have to finance that yourself. Financing is available in the form of FHA loans, VA loans, and conventional loans, depending on preference and eligibility.<\/p>\n<p>For example, if you have a lower <a href=\"https:\/\/www.homelight.com\/blog\/buyer-what-credit-score-is-needed-to-buy-a-house\/\">credit score<\/a> or a small <a href=\"https:\/\/www.homelight.com\/blog\/buyer-how-much-down-payment-for-a-house\/\">down payment<\/a>, an FHA loan would probably be the way to go. FHA loans are available to buyers with credit scores as low as 580, and offer the ability to put down as little as 3.5% for your down payment. You might even be able to take advantage of the Good Neighbor Next Door\u2019s program\u2019s $100 down payment option instead of paying the minimum 3.5% normally required.<\/p>\n<p>If you\u2019re a veteran, you might want to check out <a href=\"https:\/\/www.homelight.com\/blog\/buyer-what-is-a-va-loan\/\">financing through the Department of Veterans Affairs<\/a>. The VA doesn\u2019t set a minimum credit requirement for their loans, but the benchmark varies by lender.\u00a0 However, some buyers can qualify for a 0% down payment, so if you\u2019re a veteran, a VA loan is definitely worth checking out.<\/p>\n<p>Otherwise, a conventional mortgage would work just fine. Conventional mortgages generally require a higher credit score and higher down payment than an FHA or a VA loan.\u00a0 If you have a 20% or more down payment and a good credit score, a conventional loan could be the best option, but you can still get financed with less than 20% down for a conventional loan.<\/p>\n<p>Though you don\u2019t have to be a first-time homebuyer to participate in the Good Neighbor Next Door program, you cannot currently own a home, nor can you have previously owned a home within the last 12 months. If you\u2019re married, your spouse also cannot have owned a home in the last 12 months. The home also cannot be used as a rental property \u2014 remember, any homes purchased through the program must be owner-occupied for at least 36 months.<\/p>\n<figure id=\"attachment_16592\" aria-describedby=\"caption-attachment-16592\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-4.png\" target=\"_blank\"><img decoding=\"async\" width=\"666\" height=\"381\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-4-666x381.png\" class=\"attachment-content size-content\" alt=\"A white and blue living room with tons of books under the glass coffee table.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-4-666x381.png 666w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-4-64x37.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-4-128x73.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-4-192x110.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-4-432x247.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-4-500x286.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-4.png 700w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/a><figcaption id=\"caption-attachment-16592\" class=\"wp-caption-text\">Source: (Jean van der Meulen \/ Pexels)<\/figcaption><\/figure>\n<h2>What are the benefits?<\/h2>\n<p>There are several benefits to purchasing a home through the Good Neighbor Next Door program, including:<\/p>\n<ul>\n<li><b>Competitive pricing. <\/b>Good Neighbor Next Door homes are generally competitively priced.<\/li>\n<li><b>Lender flexibility. <\/b>Non-FHA approved lenders can finance the mortgage because it is not an FHA program.<\/li>\n<li><b>No credit\/income standards. <\/b>There are no income or credit qualifications as long as the buyer meets the employment criteria.<\/li>\n<\/ul>\n<h2>Are there drawbacks?<\/h2>\n<p>Potentially, yes:<\/p>\n<ul>\n<li><b>Limited scope. <\/b>First of all, the program is limited to applicants mentioned above: Police officers, firefighters, K-12 teachers, and EMTs.<\/li>\n<li><b>Limited inventory. <\/b>Also, there is a limited inventory of properties available because the properties are all FHA foreclosed homes. \u201cIt just depends on the area,\u201d says Buffalo agent <a href=\"https:\/\/www.homelight.com\/agents\/stephanie-morgan-ny-49mo0969814\">Stephanie Morgan<\/a>. \u201cSome areas are more competitive than others. And it also depends on what the market is doing. In a competitive market, everything\u2019s more competitive.\u201d<\/li>\n<li><b>Quality issues. <\/b>Since the homes all come from foreclosures, they may have quality issues, which you must assume responsibility for. Some homes in the Good Neighbor Next Door program require extensive renovation, so be sure to look carefully at the specifications when searching the HUD database.<\/li>\n<li><b>Long process. <\/b>Because of all the requirements of the Good Neighbor Next Door program, the process can be arduous, which is frustrating for some buyers. \u201cIt comes down to bureaucracy. There\u2019s a lot more hoops to jump through,\u201d says Morgan. \u201cIf you\u2019re doing anything HUD, you\u2019re going into a website and putting your offer into a system, and you don\u2019t always hear from them in a timely fashion.\u201d<\/li>\n<\/ul>\n<p>So what if you go through the whole process, qualify for the program, get the mortgage loan, move in \u2014 and then get laid off or quit your job? Good news! As long as you complete the 36-month residency requirement, you can stay in the home and complete the program with the \u201csilent\u201d second mortgage falling off at the end of that three-year period.<\/p>\n<p>The Good Neighbor Next Door program is designed to benefit all parties involved in the process; It revitalizes neighborhoods and opens up homeownership to individuals who may not have had the option before. If you are a member of one of the Good Neighbor Next Door\u2019s program\u2019s qualified professions, this can be a great way to move up from renting to homeownership.<\/p>\n<p>Morgan offers this advice to prospective buyers: \u201cJust have patience. Make sure you have all your documentation together in really good order because they will ask for it, sometimes repeatedly. You just kind of have to have your ducks in a row.\u201d<\/p>\n<p><em>Header Image Source: (Pixabay \/ Pexels)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re a public employee and think that homeownership is out of reach, think again! Here\u2019s what you need to know about the Good Neighbor Next Door program.<\/p>\n","protected":false},"author":160,"featured_media":16594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","footnotes":""},"categories":[192,629,637],"tags":[],"class_list":["post-16588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-buyers","category-home-financing","category-special-programs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Does the Good Neighbor Next Door Program Work? Here&#039;s A Primer<\/title>\n<meta name=\"description\" content=\"If you\u2019re a public employee and think that homeownership is out of reach, think again! Here\u2019s how the Good Neighbor Next Door program works.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.homelight.com\/blog\/buyer-how-does-the-good-neighbor-next-door-program-work\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Won\u2019t You Be My Neighbor: Demystifying How Does the Good Neighbor Next Door Program Work\" \/>\n<meta property=\"og:description\" content=\"If you\u2019re a public employee and think that homeownership is out of reach, think again! Here\u2019s how the Good Neighbor Next Door program works.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.homelight.com\/blog\/buyer-how-does-the-good-neighbor-next-door-program-work\/\" \/>\n<meta property=\"og:site_name\" content=\"HomeLight Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/gohomelight\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-13T16:21:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-28T20:54:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/hl-blog.homelight.com\/wp-content\/uploads\/2020\/05\/how-does-the-good-neighbor-next-door-program-work-head.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Amy Pawlukiewicz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@gohomelight\" \/>\n<meta name=\"twitter:site\" content=\"@gohomelight\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Amy Pawlukiewicz\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"How Does the Good Neighbor Next Door Program Work? 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