Mortgage or down payment assistance for LEO's??

[jtl323]

Guys/gals,

Do any of you have any knowledge of any down payment assistance grants or loans for public safety personnel wishing to buy a house? I have seen HUD based officer next door programs, but I'm not out to purchase in a needing to be revamped downtown area. Anyone have any recent experience with this?

[PhilipCal]

Other than the HUD program you mentioned, I know of no other program(s) which would address your needs. I personally share your reservations concerning the HUD deal.

To the best of my knowledge , you're probably going to have to go the traditional VA route (If applicable) FHA or conventional mortgage.

Now hopefully I'm wrong concerning your options, and equally hopefully, a colleague can point you to some other viable options.

[BaylorBearSW]

I'm not sure by officer next door you mean Good Neighbor Next Door. In my area they are HUD homes that have sat on the market so many days, and you can purchase them for 50% of asking price after a set time frame. Around here they are not in run down areas but usually foreclosures that didn't sell at auction. More details available here http://portal.hud.gov/hudportal/HUD?...goodn/gnndabot and you can view houses in your area here http://www.hudhomestore.com/Home/GNND.aspx. There is also $1 government home sales but I don't know much about that. As far as down payment assistance, Texas has a program, Homes for Heroes, that offers down payment assistance and even fixed rate home loans. Perhaps your state does the same.

[PhilipCal]

I'm not sure by officer next door you mean Good Neighbor Next Door. In my area they are HUD homes that have sat on the market so many days, and you can purchase them for 50% of asking price after a set time frame. Around here they are not in run down areas but usually foreclosures that didn't sell at auction. More details available here http://portal.hud.gov/hudportal/HUD?...goodn/gnndabot and you can view houses in your area here http://www.hudhomestore.com/Home/GNND.aspx. There is also $1 government home sales but I don't know much about that. As far as down payment assistance, Texas has a program, Homes for Heroes, that offers down payment assistance and even fixed rate home loans. Perhaps your state does the same.

Sounds like really good info. Hope this is what our OP was looking for.

[moparfan]

be cautious with some of the down payment assistance programs. when I was buying my house I looked into it some of those programs I liked them until I read the fine print. if and when you sell your house you have to pay some back the assistance. if you have a retirement plan you can sometimes borrow money from the plan for the down payment. look at that option.

[jtl323]

Thanks to all for the responses. DOA im looking in Georgia, metro Atlanta area.