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HUD’s Fire Fighter Next Door Program

March 1, 2007 by Richard M. Leave a Comment

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Fire Fighter (FND):
The employment requirement must be satisfied “both at the time the firefighter or emergency medical technician submits a bid to purchase the home, and at the time of closing on the purchase of the home.” Your employer must certify that you are a full-time firefighter or emergency medical technician as described here.

You don’t have to be a first-time homebuyer to participate. However, you cannot own any other home at the time you close on your FND home.

You must agree to live in the home you purchase as your only residence for three years after you move into it.

In all other respects, the regulations for the Officer Next Door Sales program, 24 CFR 291.500, will be applicable to sales of homes to firefighters and emergency medical technicians.

FND property is listed and sold exclusively over the Internet.

Properties are single family homes located in Revitalization Areas.

Properties available through the program are marked with a special Firefighter Next Door button.

Bids are awarded once each week.

Your bid must be the amount of the list price.

You may submit your bid directly or utilize the services of a real estate broker.

Winning bids are randomly selected by computer.

The winning bid is posted each week on the web site where you made your bid.

In all cases, HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this “silent second” provided that you fulfill the three-year occupancy requirement.

The selected bidder may purchase the property at a 50 percent discount from the list price. For example, if a HUD home is listed for $100,000, an officer can buy it for $50,000.

To make a HUD home even more affordable, you may apply for an FHA-insured mortgage with a down-payment of only $100 and you may finance all closing costs.

If the home you want to purchase needs repairs, you may use FHA’s 203(k) mortgage program. This program allows you to finance both the purchase of the home and the cost of needed repairs. You have the benefit of one loan for both costs and one monthly payment.

General Questions – (FND):

In all other respects, the regulations for the Officer Next Door Sales program, 24 CFR 291.500, will be applicable to sales of homes to firefighters and emergency medical technicians.

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