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Teacher
Next Door Program FAQ
Common
Questions and Answers:
1.
How much of a discount do I get on my home?
HUD’s
Teacher Next Door discount is 50 percent off the sales price
of the home. For example, if you bid successfully on a Teacher
Next Door home listed at $100,000, your sales price is
$50,000.
2. Who is eligible for HUD’s Teacher Next Door
initiative?
Any
state-certified classroom teacher or administrator employed
full-time by a public school, private school or federal,
state, county or municipal educational agency is eligible to
buy a Teacher Next Door home.
3. Where are the Teacher Next Door homes located?
In
specially designated revitalization areas. The home must also
be located in the school district where you work. There are
over 600 revitalization areas across the country. Under HUD's
Dollar Homes Initiative, teachers may have an opportunity to
purchase HUD homes outside revitalization areas after an
offering to local governments.
4. Can I get a HUD/FHA loan for a Teacher Next Door home?
Yes,
if you qualify, HUD’s Federal Housing Administration (FHA)
offers low down payment loans. Your down payment can be as low
as $100 if you purchase your TND home with an FHA-insured
mortgage. Call us at 1.800.217.6970 to learn more about these
loans.
5. Can HUD help me pay for improvements on my Teacher Next
Door home if necessary?
Yes,
HUD has a loan program – 203(k) – designed especially to
help homebuyers both purchase and rehabilitate a home. For
more information about the 203(k) program and whether you
qualify, ask a Teacher Next Door Specialist or call us at
1.800.217.6970.
6. How long do I have to live in my Teacher Next Door home?
Three
years, as your sole residence.
7. Do I have to use a realtor to buy a Teacher Next Door
home?
Most
people use a realtor when buying a home, but you are not
required to. You may buy your Teacher Next Door home directly
from HUD or use a realtor to arrange the sale for you, but you
must pay the realtor’s fees.
8. Can a teacher purchase a property at the 50% discount
outside of the area where he/she is employed?
No.
The Teacher must purchase a home in the school
district/jurisdiction in which they are employed.
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