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I know someone who is in college to become a teacher and I wonder if anyone is familiar with the program.
I searched and there is also a teacher next door program which is looser and does not have to be a HUD home where the regular GNND does have to be.
I think GNND pays 50% of the home but it says you only have to live in the home for 3 years. That would mean if you buy a $300K home and they pay $150K in 3 years you can sell it and you make $150K profit that you can use towards your next home or a smaller one.
I didn't see it on there, but it is a lottery system. I've done it before for teachers. There is generally more than one offer on the HUD home so they randomly pick one. The designated areas in my city are areas I would totally do it if I was a young teacher with no kids or young kids not in school. After three years, you can move and use it as an investment property.
I didn't see it on there, but it is a lottery system. I've done it before for teachers. There is generally more than one offer on the HUD home so they randomly pick one. The designated areas in my city are areas I would totally do it if I was a young teacher with no kids or young kids not in school. After three years, you can move and use it as an investment property.
Thanks I saw and found info on another site. Right now there are not even any such homes available in most states, It's not all HUD homes that qualify. I think there is a special program for teachers where they can buy any home, not even just HUD homes, but it's mostly for closing costs and down payment grants I think, which is still good to get you into a house.
Some cities have similar programs, in addition to county, state and HUD programs for those who serve the public: teachers, police, firefighters, EMT’s, etc. Its a good idea to do a little research if you are in such a role.
Some cities have similar programs, in addition to county, state and HUD programs for those who serve the public: teachers, police, firefighters, EMT’s, etc. Its a good idea to do a little research if you are in such a role.
No but I know someone who is studying to be a teacher. I'm sure he would need to work at least 2 years first to qualify to buy a home anyway. I also know a person who is a nurse, they own a condo but i will mention it in case they want to buy a house with a backyard for their dogs, but I think they like the town they are in, but they are on the outskirts of the bad area. Some people are happy to say they live in such and such a town when in reality they are steps from a busy road in another town where it's not nice, and they pay the high taxes that this town charges.
Actually, his time in school is considered time on the job. He just needs to secure employment and he can be qualified.
States across the country have ADU's (Affordable Housing Units) and most give first priority to teachers, police, and firefighters. Some are state run, ours are county run, such as this: https://www.loudoun.gov/index.aspx?N...i-state=dialog
This county handles the sales by lottery. With rising rates, these programs will only become more popular.
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