Charlotte Teachers Program
Charlotte Teachers Buy Homes at 50% Off!
Teachers looking to buy a home in Charlotte have a great opportunity before them! Using the Good Neighbor Next Door program, and working with a qualified real estate agent (ask for a referral) teachers have the opportunity to pick up select HUD homes for half of the listing price!
For example, HUD lists a home for $150,000. Using this program, a Charlotte-Mecklenburg teacher can purchase that home for $75,000. After living in the home for 36 months as a primary residence, you can sell the home and make an instant $75,000! Add to that the appreciation value and you can make out big!
So what’s the catch?
There are a few things you need to be aware of. First, this must be a HUD home in an area designated as a “revitalization area.” Don’t worry… most of Charlotte and Mecklenburg county is designated as a “revitalization area!” (see red colored area of map) Second, it has to be a home that HUD is offering as a GNND home. These homes are posted once a week and only open for this program for 5 days! Third, you must occupy the home as a primary residence and actually live there! Fourth, you must live there for 3 years or pay back the other 50% you were discounted. And finally, you must use a qualified Realtor in Charlotte to make the offer.
Imagine buying a home for half price, needing only $100 down and getting great low mortgage rates in Charlotte! This is a great program for Charlotte school teachers to take full advantage of!
So how do you start?
First, you need to get pre-approved for your Charlotte Good Neighbor Next Door mortgage. Since the window of opportunity to snag these home is limited to 5 days, you will want to make sure you can qualify to buy one of these homes. Once you are qualified, we can connect you with a HUD approved Realtor to help you find the perfect home for half price! From there, the Realtor and I will work together to get your home purchase and mortgage loan closed quickly. Then move on in!
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Is this for Mecklenburg County teachers only or can Cabarrus County teacher apply?
This program is availble for any teacher. However, the home you buy may need to be in the area you serve. So it would depend on the selection of homes in Cabarrus County. I’d be happy to help you further if you’d like.
Ed Nailor
I would like to know more information about this program. I am apart of the Iredell County School System but I am not a teacher, I am a school counselor. Am I eligible?? I am looking to live in the Mooresville, Huntersville area. Thanks for your help.
NVF,
According to the HUD website regarding the Good Neighbor Next Door program, here is the following text:
Unfortunately, you would need to be a teacher to use this program. At the same time, I have not seen any GNND homes offered in Iredell County, so I don’t think this program would be of benefit for you either way. However, if you are looking to buy a home, now is the best possible time to do so and I can provide a couple Realtor referrals in the area that can help you locate a great deal!
Thanks,
Ed
I’m interested in finding out more information regarding the Good Neighbor Next Door Program. Does the length of employment and or credit status affect the chances of being approved for this program?
The Good Neighbor Next Door program does not have ties to any specific mortgage loan. You may use any mortgage financing (or cash) so long as the mortgage company will allow for a “silent” second mortgage for 50% of the purchase price. FHA is one of the best options for that.
Either way, credit and job histories will have an impact on getting approved for a mortgage. Poor credit will most likely prevent getting qualified in today’s mortgage market, while someone with good credit should not have a problem.
Feel free to submit an application and we can see where you qualify for these programs.