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Updated almost 12 years ago,

Account Closed
  • Irving, TX
0
Votes |
17
Posts

Prohibited from owning another property for 3 years

Account Closed
  • Irving, TX
Posted

Under the Good Neighbor Next Door (for teachers, police, firefighters, and EMTs) program from HUD, you take on a second "silent" mortgage for the 50% discount off the appraised value, and must OO for 3 years to receive the full discount. This is all listed in the website. One thing not mentioned until you see your contract package is a clause prohibiting the participant from owning ANY other property other than the GNND property for 3 years from the date of purchase, lest the discount be called (prorated).

It sounds downright unpatriotic prohibiting ordinary folks from investing in real estate like that. These homes are also on a lottery system. If the government wants to give something away, why not just give it away? What's the point of all the strings?

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