Wednesday, May 8, 2013

Kentucky Good Neighbor Next Door Mortgage Program



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Kentucky Good Neighbor Next Door Mortgage Program


What Is The Good Neighbor Next Door Program for Kentucky Home buyers?
The Good Neighbor Next Door Program offers HUD owned single family (one-unit) homes to eligible participants for Kentucky Home buyers at a 50% discount. Kentucky  Law enforcement officers, teachers, firefighters and other emergency medical technicians who meet all other requirements of the program are all eligible to participate in this program.
Program
Summary
Borrower is a full-time Kentucky  law enforcement officer, teacher or firefighter/emergency medical technician
A 50 percent discount from the list price is provided in the form of a forgivable second lien
The second mortgage is a mortgage and note payable to and provided by HUD in the amount of the difference between the list price of the home and discounted selling price
-The term of the note is 36 months from the date of owner-occupancy 
-Refinance restrictions may apply
One-unit residential properties
Borrower cannot own any other residential property within 12 months of the offer date in Kentucky 
None of the Kentucky borrowers could have ever utilized this program in the past
The following must be detailed on the purchase contract with HUD 
-50% discount
-$100.00 downpayment required
-Borrower may finance closing costs