Your Wichita Realtor
Tenna Stokes-Salas
(888) 220-0988(888) 220-0988

FHA HOME OWNERSHIP GOOD NEIGHBOR PROGRAM

Good Neighbor Program with HUD Homes

Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians are eligible to purchase properties located in FHA-designated areas at a significant discount – 50% of the list price – in return for a commitment to live in the properties for a 3 year period.

Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program.
FHA requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this “silent second” mortgage, provided that you fulfill a three-year occupancy requirement.
When participants purchase properties under the Good Neighbor Next Door program they are required to certify every year that they are still living in the property.
An annual certification is mailed to participants, ready for signature, around the anniversary of the purchase. Participants should sign, date, and return the form to the address specified in the letter.
At the end of the required three-year occupancy period, FHA’s second mortgage will be released. A mortgage satisfaction will be filed with the participant’s local county recorder’s office. After the release is filed, a copy will be mailed to the property address. Thereafter, the second mortgage will not show up on the title to your property. After release, there is no further obligation to or restrictions imposed by FHA.
Contact Tenna Stokes Salas, tenna.platinum.realty@gmail.com to find out more about FHA Homeownership through the Good Neighbor Program in the Wichita, KS Area.
 

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