nizo's Journal: Know a teacher or police officer who wants a house?

I would like to make everyone aware of a nifty obscure HUD program called The Teacher Next Door program. The link is specifically for teachers, but it is my understanding that police officers can participate too. Read the above website to find out more, but what it boils down to is teachers and police officers can bid to win the right to purchase specific properties at a 50% discount. Thats right, after living in the property for 3 years, HUD forgives the half of the loan that they will take out on the property. This is a really sweet deal which has allowed my fiance to purchase a house that is over 2000 square feet in size with a mortgage of less than $400/month(!), with only $100 down and the prospect of having over $45,000 in equity in the house in three years(!!). We have seen smaller properties that most likely would be less than $200/month. Obviously there are a boatload of restrictions, but if anyone wants more info let me know. In particular, if anyone is in the state of NM let me know and I can put you in touch with financial people who actually know what this program is. I can also provide a pile of helpful hints that will help any teachers/officers interested in this program.

Interesting

[NeeNee3]

I will have to look into that. Do you have to be currently employed as a teacher now? I'm assuming the answer is probably yes.

I have a degree in Education and used to be an Elementary school teacher when I lived in Tennessee. However, I gave it up about 6 years ago when I moved to Dallas to go into the software industry.

I have been looking to buy a home, but I'm not sure that even a 50% discount is enough to make me get certified to teach in Texas and go back to that kind of job again.

Re:Interesting

[nizo]

Well, I didn't look in depth, but you might check to see if, say, librarians, counselors, etc qualify. And yeah you have to be currently employed as a teacher (well, at a school anyway). I don't know if other people (janitors?) who work at a school can get one of these or not.

RE: Know a teacher...

[Zaranne]

Wow, I guess I picked the wrong profession! That's a pretty sweet deal!

Oh, and where abouts in NM are you at? My daughter grew up in Roswell!

Re: Know a teacher...

[robi2106]

The problem is teachers are paid low, work long hours, and deal with total idiot parents and their bitchy little brat kids.

Other than that, it is a rewarding career!

jason

Re: Know a teacher...

[nizo]

Yeah I have thought it might almost be worth teaching to go for a deal like this! I live in Albuquerque, the only time I have ever been to Roswell was when I played chess at NMMI (the military institute) about a bazillion years ago in high school.

Ooooo

[robi2106]

Too bad my G.F. is in the process of closing on a house already. This program would be pretty helpfull. Heck... in a year when married and if I'm an officer, we could surely qualify!

The main problem is the kind of neighborhood she would have to live in is not very good. But then again... that is how the web site advertises the program.

jason

Re:Ooooo

[nizo]

It can be seriously depressing, since you often bid on a dozen or so houses before you "win" one. By bid I mean just that; it is a lottery process for each house, and the winner gets the chance to buy it. The other caveat is you can't own any other property (not sure if your spouse can or not). However you do have to live there as your primary residence for 3 years. Yeah some of the areas can be harsh, though at least here there were some that were really nice (in newer housing developments). They just happ

Chicago

[Stargoat]

Chicago will just give you 7000 dollars if you are a teacher buying into mixed incoming housing in Chicago.