Colorado Springs teachers, fire, and police pay only $120,000 which is a 50% reduction from the current valuation of $240,000.
Would you like to enter the lottery for this home? Complete this form and a local Realtor will contact you.
If you are a full-time state certified teacher, law enforcement officer, firefighter, or EMT who works for the fire department, you may qualify to participate in the Good Neighbor Next Door program. This program allows people in these occupations the opportunity to purchase specific HUD homes at a 50% discount. To qualify, both you and your spouse can't have had ownership in a residential home in the previous 12 months. Additionally, your current employer must provide service to the GNND home that you have an interest in purchasing. Lastly, you must be able to financially purchase the home at the discounted amount. To prove this HUD requires either a prequalification letter from a mortgage company or provide a "proof of funds" statement from a bank. This program is NOT income based.
If you finance with FHA, you will be able to close with a down payment of $100 instead of the typically required 3.5%. Additionally, you will be able to include all acceptable closing costs AND REPAIRS OR RENOVATION, if any is needed, into your mortgage. The FHA 203K renovation mortgage allows for financing your repairs along with your monthly mortgage payment.
If you meet the qualifications above and want to enter the lottery for this home, the next step is to complete this form. After you complete the form, a HUD registered agent will contact you to enter your name in the lottery.
The deadline to enter the lottery for this home is 3/30/2020. If you complete the form late on this day, we may not be able to get your information entered in time.