Did you know there’s a program offered by the Administration of Housing and Urban Development (HUD) designed specifically for law enforcement officers, teachers (pre-Kindergarten through 12th grade), firefighters and emergency medical technicians, which makes it easier to buy a home?
HUD’s Good Neighbor program offers incentives in the form of 50% off list price, and in exchange, the buyer must commit to live in the property for 36 months as your sole residence.
These types of properties are what’s known as HUD homes, and they can actually be a fantastic deal for buyers, especially those in the career fields listed above. A HUD home is one owned by the HUD. Before a home becomes the property of HUD, it typically was owned by a regular homeowner who is no longer able to pay his or her monthly mortgage and ends up in foreclosure. When this happens, the home goes to HUD, which then must sell it to recoup the loss.
HUD homes are typically sold as-is. Repairs can be minimal or extensive. However, just like a traditional home sale, you’ll have the opportunity to have the house inspected. This will allow you to understand just how minimal or significant repairs will be.
If you’re on the hunt for a house in Denver and meet the criteria listed above, purchasing a HUD home through the Good Neighbor Next Door Program may be a fantastic way to break into homeownership. It’s also a great way to contribute to the revitalization of up and coming areas and be a real part of the community.
Think you’re ready to check out HUD homes in the Denver area? Your first step is to find a pro who knows the ins and outs of these types of sales. That’s where Metrowest comes in! Give us a shout today – we specialize in these types of sales and would love to help you start the process.