Tuesday, September 18, 2012

Good Neighbor Next Door and City of El Paso Down Payment Assistance Program


Good Neighbor Next Door

This is a HUD program for Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians.  HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.

How the Program Works

Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for five days.

How to Participate in Good Neighbor Next Door

Contact a REALTOR to receive a list of available homes or to submit your interest in purchasing a specific home. If more than one person submits on a single home a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD's regulations for the program.

HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that you fulfill the three-year occupancy requirement.


CITY OF EL PASO DOWN PAYMENT AND CLOSING COSTS ASSISTANCE PROGRAM The maximum assistance is $5,000.00 which will be in the form of a 3% interest forgivable loan with a term of 10 years.

For additional information, please contact the agencies listed below.

YWCA Home Ownership Center

at 577-2530 Or

El Paso Credit Union Affordable Housing

at 838-9608

Posted via email from el paso homes posterous