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Written by Administrator
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Monday, 08 February 2010 13:54 |
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The Teacher Next Door (TND) Initiative offers HUD-acquired, single family homes to public school teachers with the following significant benefits:
- 50 percent discount off appraised value.
- Only $100 Down Payment required*.
Under the Teacher Next Door program, HUD offers homes located in designated revitalization areas. Revitalization areas are typically in low- and moderate-income neighborhoods, have many vacant properties and often have high crime rates, but are considered good candidates for economic development and improvement.
Homes offered for sale in the program were previously insured through the FHA and then foreclosed. HUD also reduces the downpayment requirement to just $100 if the home is purchased with an FHA insured mortgage.
Following are the requirements that Teachers must meet to use the program:
- Teacher must live in the property as their sole residence for at least three years after purchase.
- A "teacher" is defined as an individual employed full time by a public school, private school, or Federal, State, county, or municipal educational agency as a State-certified classroom teacher or administrator in grades K through 12.
In order to purchase an Teacher Next Door Home you should be pre-approved and have a letter of commitment for an approved loan.
Click Here to get the process started...
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Last Updated on Monday, 08 February 2010 14:02 |
