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  1. #11
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    I'm bumping this because I wanted to share about HUD's "Good Neighbor Net Door" program.

    This is a great deal for the right people. If you qualify (teacher, police office, firefighter, EMT,etc), you can purchase a HUD home for 50% of the purchase price and with only a $100 down payment.

    It has to be your sole residence and you have to live in the home for 3 years. You will also have to make any noted repairs that HUD has requested. The repairs are noted on the home listing (under the Addendum tab, click on PCR) and you can roll the cost of the repairs into your home loan.

    Here are some links:

    Search for a home: http://www.hudhomestore.com/Home/Index.aspx

    Good Neighbor program: http://portal.hud.gov/hudportal/HUD?...goodn/gnndabot

    FAQs: http://portal.hud.gov/hudportal/HUD?.../goodn/gnndfaq

    With the market the way it is and the already low home prices, this is a great way to build wealth and equity. If you buy a $150K for $75k, and over the 3 years, the home value goes up to $180,000, you automatically will have over $100k equity should you decide to sell at the end of year 3.

    Fannie Mae and Freddie Mac also have some good deals on homes and they allow investor purchases.

    Fannie Mae: http://www.homepath.com/
    Freddie Mac: http://www.homesteps.com/
    Last edited by chachadiva; 05-15-2013 at 07:23 PM.
    No one can make you feel inferior without your consent. -Eleanor Roosevelt

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