Good neighbor program housing

A mortgage satisfaction will be filed with the participant's local county recorder's office. After the release is filed, a copy will be mailed to the property address. Thereafter, HUD's second mortgage will not show up on the title to your property. After release, there is no further obligation to or restrictions imposed by the Department of Housing and Urban Development. Releases are mailed to the county recorder for filing no later than thirty days after the end of the required occupancy period.

However, some counties have a filing backlog, over which HUD has no control. Skip to main content. Office of Hospital Facilities Why Choose ? Overview of Lean Why Choose ? Good Neighbor Next Door Mortgages. Annual Certifications When participants purchase properties under the GNND program they agree to own and live in the property for a three-year period as their sole residence. Military Duty Participants who are called to active military duty are provided clemency in regards to the owner occupancy requirements of the program for the timeframe that they are on active duty.

Subordinations When participants close on their home, they sign a note and a mortgage. Pay Offs If a participant needs to dispose of the property before expiration of the three-year occupancy period for job relocation, family composition changes, or refinance , HUD's Loan Servicing Contractor processes those payoffs. Releases At the end of the required three-year occupancy period, HUD's second mortgage will be released provided 1 the participant has completed and returned the required annual certifications, 2 is not currently under investigation by the Office of Inspector General, and 3 is in compliance with all GNND regulations.

Comments and Questions. Nature of Program: The Department wants to make American communities stronger and build a safer nation. The Good Neighbor Next Door program promotes these goals by encouraging persons whose daily professional responsibilities represent a nexus to the needs of the community to purchase and live in homes in these communities. This program makes homes in revitalization areas available to law enforcement officers, teachers, firefighters, and emergency medical technicians.

Each year, HUD sells a limited number of properties from its inventory at a 50 percent discount from the list price to eligible persons in the above professions.

Because homes sold through this program are located in revitalization areas, there may be additional assistance from state or local government sources. No interest or payments are required on this "silent second" provided that you fulfill the three-year occupancy requirement. The number of properties available is limited and the list of available properties changes weekly. Skip to main content. Office of Hospital Facilities Why Choose ?

Overview of Lean Why Choose ?