5 HUD Incentive Programs for Houston First Time Home Buyers
When the U.S. Department of Housing and Urban Development (HUD) foreclose on homes, these homes are often priced below market value for quick sale, to families intend on living in the home. This includes the offer of special incentives to buyers in certain markets.
For example, below are 5 incentives programs HUD offers, that include the Good Neighbor program. This program offers a 50% discount on HUD homes in revitalized areas, to teachers, firefighters and police, as long as they plan on living in the home for at least 3 years. The first program is the:
$100 Down Program – Instead of 3.5 down payment, you pay only $100 in down payment. (for qualifying owner-occupant buyer with FHA financing only)
Housing Choice Voucher Program – provides low income, first time home buyer with a monthly subsidy that helps with their mortgage payments.
Good Neighbor Next Door Program – on eligible homes located in designated revitalized areas, teachers, firefighters, police and EMT full-time works can get 50% discount off home list price. However, you must remain in the home for 3 years.
Home ownership for public housing residents.
Indian Home Loan Guarantee Program (Section 184)
You can speak with your loan officer to help you decide which program is right for you. You should know that as long as you have a desire to purchase a home, there is help.
We hope you enjoyed your visit with us today. As always, thank you so much for stopping by. Until next time…Diana.
Source: U.S. Department of Housing and Urban Development (HUD)
