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You could get a 50% Discount off
the Purchase of Your New Home:
For Example: if the home is appraised at $200,000.00 you can
purchase it for $100,000.00. The full price must be offered at first and the discount is applied at the Close of Escrow.
Those Available for the Program:
Law Enforcement Officers
Very Important Financing Information for the Purchaser
We will handle your Purchase Approval
| HUD Requirements for Agents / Brokers: | | This is How You Obtain Access to a available Property: | | 1. You have to have a Licensed Agent / Broker - | | 2 The Licensed Agent / Broker must already be approved by HUD - and we
are. | | 3. The Licensed Agent
/ Broker has access to the properties that are available in your district, | | 4. The Licensed Agent / Broker must be sure that you a pre-approved before
making a bid. | | 5. The Licensed
Agent / Broker must receive a 'Earnest Money Deposit' before a bid is made. | 6. The Licensed Agent / Broker is the one who makes the purchase bid in
your favor to HUD. | | 7.
The Licensed Agent / Broker makes the bid for the full price and is discounted 1/2 price at closing. |
| HUD Requirements for You - the Purchaser:
| | You must have been in your profession
for 2 Years Full-Time, and | | Commit
to live in the home for at least 36 Months = 3 Years. | | The home must be owner occupied and your sole or only residence | | The home must be located in a revitalized area within the district that
you work in. |
COMMON QUESTIONS AND ANSWERS: | Where are the Officer homes located? In specially designated revitalization areas,
the home must also be located in the school district where you work. There are over 600 revitalization areas across the U.S.A., but their
is a short supply of homes available for purchase - typically one to two per county on any given month. |
How much of a discount do I get on my home? You get a 50% Discount of the Listed Purchase Price, the purchase is offered at the full amount and at the Close of Escrow, after qualifying for the program and
being pre-approved in advance you get the 50% discount appli
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| 2. What is a Silent Second? Their is special financing for this program - that is why you need an HUD approved agent / broker
to handle you purchase and financing. Their is always a 'Silent Second' that is applied to your loan - this amount
does not reflect on your credit report and after 5 plus years is forgiven off the term of the loan - but you must live in
the property as an owner occupant and follow all of the terms layed down by HUD. |
4.
Can I get help on improvements? Yes,
this loan program designed especially to help homebuyers both purchase and rehabilitate their homes.
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| - Can a Officer
purchase a property outside of their District Targeted area in where he/she is employed?
No. The Officer must purchase
a home in the district or jurisdiction in which they are employed, if they choose to go through the bidding process of purchasing
the property, but if they are qualifying for the Officer loan program they do not have to live in a high crime targeted area
within their district, they can choose that qualifies under our Real Estate Department for their purchasing and funding of
a home |
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