FHA Loans - Police Officer Next Door Program
There is a FHA Loan Program specifically for Police Officers who would like to acquire a home. This FHA Officer Next Door (OND) loan program offers single unit HUD owned properties to officers with the follow benefits:
- 50% discount off the total value of the property
- Down payment for this program is $100 only
The FHA Officer Next Door loan program was developed to offer HUD homes located in specific restoration sections to officers looking for a great value in a home. These restoration areas typically have a high probability of growth and progress in the future, but are currently in mid to low income districts. You also notice that you will see a little higher number of crimes and many vacancies.
These homes are HUD Homes for Sale and therefore they were purchased using a FHA Home Loan at some point, but was foreclosed on. If a Police Officer purchases a HUD home using this FHA Officer Next Door Program, the down payment required for this purchase is only $100.
In order for you to qualify for this FHA loan program, you must meet the following:
- Police Officer that makes the purchase must use this property as the place of residence for a minimum of three years from the purchase date.
- The Police Officer must be a sworn in, full time law-enforcement employee in the county, state, or Federal level. Your power of arrest cannot be limited to a specific area or building, and should encompass any and all areas.
The process of a HUD home purchase using the FHA Officer Next Door loan program moves very quickly. As soon as you are approved for the purchase of a HUD home, you only have a matter of days to make your down payment. For this reason, you should already have a letter of commitment showing your FHA loan approval ready before making any bids.
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