Good Neighbor Next Door in Hampton Roads
Finding affordable housing can be a challenge. Hampton Roads’ many dedicated educators, law enforcement and Emergency responders often have a limited budget and a strong desire to give back to their community.
HUD offers a program to address this.
The “Good Neighbor Next Door” program offers foreclosed homes to teachers, police, fire fighters and emergency response staff for up to 50% off the listing price.
There are four simple requirements for this housing program.
- Does your job qualify?
- Is the foreclosed home HUD-owned?
- Is it in a revitalization area?
- Will you live in the home 36 months?
1. Does your job qualify?
Richmond has many dedicated public servants. To qualify you must be:
- Law Enforcement – You must be employed full-time by a law enforcement agency of the federal government, a state, a unit of general local government
- Teachers – You must be (a) working as a full-time teacher by a state-accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12th. The public or private school where you are employed as a teacher must (b) serve students from the area where the home you are purchasing is located in the normal course of business.
- Emergency Technical Staff – You must be (a) working full-time as a emergency medical technician or firefighter by an emergency medical services responder unit or fire department. It can be at the federal, state, or local levels, (b) serving the area where the home is located.
For teachers and ETS you must be serving the area where you are buying the home.
2. Is the foreclosed home HUD-owned?
Some foreclosed homes sit empty for a while. Some are bought by investors. Good Neighbors Next Door aims to sell these properties to invested homeowners by giving by offering a 50% discount on the listing.
You can find available properties here:
3. Is it in a revitalization area?
For the home to qualify, it must be in a revitalization area. These areas have been designated. HUD aims to have community leaders live where they work.
The criteria for designating an area as a Revitalization Area relate to:
- Household Income
- Homeownership Rate
- FHA-insured mortgage foreclosure activity
The area for Hampton Roads is limited. Only parts of Newport News and Hampton are covered north of the water. Norfolk, Portsmouth and Virginia Beach have some coverage.
4. Is 3 years doable?
If you’ve gotten this far, the last step falls on you! If you live in the property for three years, the home will be discounted 50%.
Want help? Call us at at 757-206-4251 or email email@example.com
There are many steps and requirements and often, GNND doesn’t work out.
We know of some other programs that work with teachers, police, and EMTs.
Some offer up to $7500 in down payment and closing cost and assistance and you don’t have to live in a certain area or buy a foreclosed home.
Call us for more.