HUD Teacher Next Door Program
The Teacher Next Door program was established by the Department of
Housing and Urban Development (HUD) to offer single-family houses,
townhouses and condominiums for sale to teachers at a 50 percent
discount. The goal is to encourage teachers to buy homes in low and
moderate-income neighborhoods. These neighborhoods, referred to as
Revitalization Areas, are specifically designated neighborhoods that
receive targeted public and private assistance in order to promote
local economic growth. Colonial National Mortgage is pleased to provide
Teacher Next Door loans to qualified individuals.
What are the benefits to teachers?
HUD offers a 50% discount on the purchase price of the qualifying
home. For example, if a HUD home is $100,000, a teacher can buy it
for $50,000. In addition, teachers purchasing qualifying homes with
FHA-insured mortgages will only need a $100 down payment. Since the
supply of homes is severely limited, homes are sold through a lottery
system.
Who can participate?
The TND program is open to any state-certified classroom teacher or
administrator in grades K-12 who is employed full-time by a public
school, private school, or federal, state, county or city educational
agency. The applicant must be employed full-time and may only purchase
qualifying Teacher Next Door homes located within the boundaries of
their school system. A teacher must live in the home for a minimum of
three years as his or her primary residence. A buyer cannot own any
other real estate at the time of closing. In addition, the sales price
of the qualifying home is not negotiable; an applicant must always pay
HUD’s asking price.
Would you like more information?
The Loan Officers of Colonial National Mortgage can provide you with
more information on HUD’s Teacher Next Door loan program, and assist
you with the loan application. Contact our
branches for
further information.
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