The US Department of Housing& Urban Development (HUD) has a "teacher next door program" to assist K-12 teachers purchase a home. This program is an incredible assistance program to aide teachers to become home owners instead of just renting. Teachers in general do not make large salaries, and even though the current housing market is lower than it has been for many years, the market is still just out of reach for many teachers.
The way the program works is that HUD offers a substantial incentive in the form of a discount of 50% from the original list price of the home. In return, the home buyer commits to living in the property for no fewer than 36 months as their primary residence. The buyer signs a "silent" secondary note for the amount of the teacher next door program but no payment is due on it unless the above agreement is breached.
In the event that more than one person submits an offer on a home that is eligible for the this program, a random lottery will be conducted. There are requirements that must be met to ensure that the home buyer meets the criteria for being an eligible teacher. More information on the teacher next door assistance program can be found at:
In addition to the this program, the HUD Good Neighbor Next Door program includes police officers, firefighters, and emergency technicians. It is also required to hire a HUD registered selling broker to assist when using this program as they are familiar with the process.
It is an excellent option. Research the program through the HUD website, hire a buyer's agent to manage the details, and be aware of the three year (36 month) requirement. This could be the home ownership program that could make dreams come true.
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For more advice on the steps involved when buying a HUD home, including finding out within 24 hours if your offer has been accepted while saving money on a home priced below market value, register for the HUD homes Baltimore list. Keep up to date on the latest news, tips and advice by visiting Nishika's Baltimore real estate [http://www.baltimore-homes-for-sale.com/] website.
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