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Posted: 10/21/2004 8:15:12 AM EST
[Last Edit: 10/21/2004 9:07:33 AM EST by IYAOYAS467]
I am a mortgage broker here in Dallas and I have just come across a program that is designed to help you LEO's out.

It's through HUD and it's called the Officer Next Door program.

Basically what it is a program that allows LEO's to purchase a HUD home at 50% OFF the contract price. So if you find a home that is $100K you can get it for $50K. The only fee out of pocket is a $100 startup fee. Title policy, survey, and appraisal are all paid for. Any sort of loan is allowed but they prefer FHA. You must stay in the house for 3 years, but if you've got pretty good credit you can do a cash out a year down the road, get a pile of money and still have equity in the home. If your credit is so-so you can still get the home, you just won't be able to do a cash out as quickly (you'd need to wait a year).

This is a DAMN good deal for you LEO's that are renting. If you have any questions IM me.

Mods- If I'm outta line posting this then I apologize, I just figured that there are some guys here who could benefit.

Thanks,

Josh
Link Posted: 10/21/2004 8:37:45 AM EST
Sounds good, we've had it here for several years. Almost no one has taken advantage of it to my knowledge.

You have to chose homes in certain zip codes or "blighted" areas. In other words, they are trying to get you to move into crackhead central. NO ONE wants to live in a warzone.
Link Posted: 10/21/2004 8:41:31 AM EST
hmmm, a sign on bonus for leo's, sort of...

good deal
Link Posted: 10/21/2004 8:44:49 AM EST

Originally Posted By Johninaustin:
Sounds good, we've had it here for several years. Almost no one has taken advantage of it to my knowledge.

You have to chose homes in certain zip codes or "blighted" areas. In other words, they are trying to get you to move into crackhead central. NO ONE wants to live in a warzone.



Right on.

It's not necessarily in a revamp area. Any HUD home will suffice.

Link Posted: 10/21/2004 8:53:07 AM EST
I know a guy who purchased under that program in VA in VA Beach its LEO and Fire fighters. He still lives in his old house and rents the HUD house to two guys.
He can sell the HUD house after 5 years.
Pretty slick except he under the terms of the HUD deal HE is supposed to live in it.
I think he can sell it this year and with the housing price increase here in the last few years he should clear over 50k. If he doesnt get caught
Link Posted: 10/21/2004 9:06:32 AM EST
[Last Edit: 10/21/2004 9:09:48 AM EST by IYAOYAS467]
You are supposed to occupy the home, but the requirement is that you must live in it for 3 years.
Still it's a sweet deal for those that are renting and want to own. Also a good way to build up ALOT of equity in no time at all.

I can set this up for anyone who is interested and I'll even provide an ARFCOM discount

This program also applies to teachers believe it or not.....
Link Posted: 10/21/2004 9:19:43 AM EST
I looked at it in my area. I would not move my family into the areas where the houses were.
Link Posted: 10/21/2004 9:43:48 AM EST
Used to be a two year commitment. I know a few guys here who cleared 200k in that two years in the hood. Both now live in houses I only dream about.

YMMV, but if you are single...buy a good gun safe and make some $$$!
Link Posted: 10/21/2004 11:47:09 AM EST
Do you have access to the listing in the entire country or only Texas?
Link Posted: 10/21/2004 1:32:58 PM EST

Originally Posted By deputygadget:
Do you have access to the listing in the entire country or only Texas?



CONUS
Link Posted: 10/21/2004 2:53:35 PM EST
Got on the web site and only 25 zip codes in my whole state qualify under this program according to the info. Miami, Orlando,Tampa areas, mainly. Am I reading this wrong?
Link Posted: 10/21/2004 3:35:50 PM EST
there is no way in hell I would move into the area where our hud houses are. Not unless I bought a whole city block and built a compound....
Link Posted: 10/21/2004 4:34:20 PM EST
IYAOYAS467,

Got a link to a website for info? There's a HUD home here in town that, while it needs work, it might just be decent. IM me if not and I'll try to get an address on Fri night when I work. Thanks!

Bub
Link Posted: 10/22/2004 3:50:08 AM EST
That program's been available in Indy for quite some time.... unfortunately, you wouldn't want the houses that qualify.

Thanks for the assistance tho!
Link Posted: 10/22/2004 6:50:08 AM EST

Originally Posted By bub75:
IYAOYAS467,

Got a link to a website for info? There's a HUD home here in town that, while it needs work, it might just be decent. IM me if not and I'll try to get an address on Fri night when I work. Thanks!

Bub



Round out....
Link Posted: 10/22/2004 6:52:15 AM EST

Originally Posted By HeldHostage:
That program's been available in Indy for quite some time.... unfortunately, you wouldn't want the houses that qualify.

Thanks for the assistance tho!



Yeah this isn't for everyone, but some of you guys do live in areas where there are several good options and this is an opportunity to capitalize on it.

Josh
Link Posted: 10/22/2004 9:08:47 AM EST

Originally Posted By IYAOYAS467:

It's not necessarily in a revamp area. Any HUD home will suffice.




Is this a change in the program? The Officer Next Door program used to include only homes in "revitalization areas" which certainly wouldn't include "any HUD home" in my zip code the last time I checked.
Link Posted: 10/22/2004 11:08:39 AM EST
[Last Edit: 10/25/2004 6:25:46 AM EST by IYAOYAS467]

Originally Posted By DaTrueDave:

Originally Posted By IYAOYAS467:

It's not necessarily in a revamp area. Any HUD home will suffice.




Is this a change in the program? The Officer Next Door program used to include only homes in "revitalization areas" which certainly wouldn't include "any HUD home" in my zip code the last time I checked.



My office had a HUD representative come in and talk to us about this. As it was explained to us, this offer is good for any HUD home. Please standby, I would like to confirm.

Josh



Link Posted: 10/23/2004 12:28:17 PM EST
Cool, I'd appreciate that!

Here's where I got my info: www.hud.gov/offices/hsg/sfh/reo/ond/ond.cfm
Link Posted: 10/24/2004 10:38:24 AM EST
Hell there are HUD houses in nice neighborhoods I though only revitalization area counted which means only concrete block and lots of razor wire.
Link Posted: 10/25/2004 6:29:55 AM EST
Well I recieved a call back from a supervisor at HUD. He told me that the representative that came to our office had explained it incorrectly. It is only HUD homes in the designated revitalization area, that are purchasable through this program. He aplogized for the mix-up and that was the end of the discussion. Needless to say I am a little pissed off, for passing along bad information Sorry fellas, but that's how it was explained to me.
Link Posted: 10/25/2004 7:38:54 AM EST

Originally Posted By IYAOYAS467:
Well I recieved a call back from a supervisor at HUD. He told me that the representative that came to our office had explained it incorrectly. It is only HUD homes in the designated revitalization area, that are purchasable through this program. He aplogized for the mix-up and that was the end of the discussion. Needless to say I am a little pissed off, for passing along bad information Sorry fellas, but that's how it was explained to me.



That's too bad, as I'd be willing to live in a doublewide for a few years if I could get it for half price out here in Granbury... That would let me save enough money to buy a NICE house after those three years were up! I'm not willing to leave the relatively crime-free town that I'm in, though.
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