HUD Housing [Archive] - Glock Talk

PDA

View Full Version : HUD Housing


puckhead
08-26-2011, 20:21
Is anyone familiar with the Housing and Urban Development/Officer Next Door Program? I am looking into it a little and if you are willing to stay in an area for at least 36 months it seems like a decent deal. For those that don't know, the program offers a 50% discount on qualified houses and a very low down payment. http://www.fha-home-loans.com/officer_next_door_fha_loans.htm

Hack
08-26-2011, 20:34
Is anyone familiar with the Housing and Urban Development/Officer Next Door Program? I am looking into it a little and if you are willing to stay in an area for at least 36 months it seems like a decent deal. For those that don't know, the program offers a 50% discount on qualified houses and a very low down payment. http://www.fha-home-loans.com/officer_next_door_fha_loans.htm

I guess that would depend on how much off duty work you wanted to be subjected to.

Cochese
08-26-2011, 20:43
Its a bid system.

Its next to impossible to find something worth a ****.

I don't want to be scared to come out for the paper.

puckhead
08-26-2011, 20:44
Yeah good point. The area that I am in there are only about 10 available and maybe 2-3 that I would be interested in and are secluded enough where if you keep to your self no one really notices you. The houses are a bit more run down though. I am looking at it as an investment. After 3 years and some fixing up, I would be able to sell it and get a better place somewhere.

puckhead
08-26-2011, 20:45
Its a bid system.

Its next to impossible to find something worth a ****.

I don't want to be scared to come out for the paper.

I hear ya! In some places I would say no way! I am up in the mountains though. I will have to take a look and see what my realtor says.

Cochese
08-26-2011, 21:01
That said, I just searched a prospective area we could be moving to if'n I go fed and wow. They have some decent places for under $100,000!

My question, the prices listed on HUD search.. Are those pre-discount???

If so, there is a 2004 production house for $49,xxx after the three year period. :faint:

And that whole city is nice. Military base, etc.

Damn!

Cochese
08-26-2011, 21:25
For that you really can't beat it.

puckhead
08-26-2011, 21:51
Yeah, the prices I was seeing was for the listing price not the discounted price.

Cochese
08-26-2011, 22:00
:faint:

G_34
08-26-2011, 22:47
I hear ya! In some places I would say no way! I am up in the mountains though. I will have to take a look and see what my realtor says.

You might want to read some of the finer print. The house has to be in a "revitilization area" which is a pretty way of saying "the ghetto". And it is a bid system, which means that if they receive any other bids that are non "LEO/Fire/Teacher" that they bump you. I too got excited when I heard about this, however, did some digging and found out that it is nearly impossible to swing and if you do the neighborhood will be rough.

puckhead
08-26-2011, 23:00
You might want to read some of the finer print. The house has to be in a "revitilization area" which is a pretty way of saying "the ghetto". And it is a bid system, which means that if they receive any other bids that are non "LEO/Fire/Teacher" that they bump you. I too got excited when I heard about this, however, did some digging and found out that it is nearly impossible to swing and if you do the neighborhood will be rough.

Thanks for the heads up! I will have to do my research.

Cochese
08-26-2011, 23:04
You might want to read some of the finer print. The house has to be in a "revitilization area" which is a pretty way of saying "the ghetto". And it is a bid system, which means that if they receive any other bids that are non "LEO/Fire/Teacher" that they bump you. I too got excited when I heard about this, however, did some digging and found out that it is nearly impossible to swing and if you do the neighborhood will be rough.

Is that Johnson County, KS?

If so, I'd live there. Olathe and Overland Park are still pretty nice, yes? I grew up in L.A. C.A. so the hood in a nice town ain't that bad. :supergrin:

CAcop
08-26-2011, 23:58
When I first went to buy a house out of the three choices two were in the worst hood in town. I would have been sleeping with a shotgun in my bed. The other one was a step above a lean-to on a tiny lot on a busy street.

I wrote it off in all of 30 seconds on the internet search.

BULLRUNN
08-27-2011, 04:42
I purchased my house through the officer Good neighbor next door program 10 years ago.. BEST thing I ever did PM me and I can give you the low down...I am looking for another one right now.. BEST program I have ever been involved in.. just wish they would give us a 3% across the board rate...the hard part is to find a house in a good area...

nikerret
08-27-2011, 08:04
Is that Johnson County, KS?

If so, I'd live there. Olathe and Overland Park are still pretty nice, yes? I grew up in L.A. C.A. so the hood in a nice town ain't that bad. :supergrin:

Olathe and Overland Park both have about the same thing going. Some parts are a little rough, in comparison to the immediate surrounding areas, but nothing like what KCK or KCMO have to offer on the bottom end. Both are moving south at blazing speed, quickly closing the gap to Gardner and Paola.

Is that where you may end up, at some point?

I can give you a lot of information if you have specific questions.

Straight Pipe
08-27-2011, 10:35
Do yourself a favor and don't do it. I've been down that road before and there is no way that the pros can outway the "Cons".

Also, a lot of people don't realize that any compensation that you get, ie: discount in rent, can be considered income and is subject to incometax. If the complex you provide security for reports it and you don't it can come back and bite you years later.

rdrkt
08-27-2011, 10:36
About 5-10 years ago a LOT of the officers in my dept took advantage of the officer next door program. They got some houses in good areas and those that sold before the housing bust made some big money. However as others have stated the bidding system has been open to a much bigger group and it makes it almost impossible to get the good houses in the good areas.

texan86
08-27-2011, 11:36
I just went through the process of looking for and purchasing a house this summer. I looked into the Good Neighbor Next Door Program, and like was previously said, the neighborhoods were not a place I wanted to live. I was talking to a deputy one night and he told me about the Homes for Heros Program. There are NO restrictions on houses that you look at or decide to purchase. They set you up with a realtor and a lender that are involved with the program, and they both give you large discounts throughout the process and and at closing. Go here and read about it: http://www.homesforheroes.com/

We saved almost 2K at closing. Its worth checking into.

OXCOPS
08-27-2011, 11:49
Yeah good point. The area that I am in there are only about 10 available and maybe 2-3 that I would be interested in and are secluded enough where if you keep to your self no one really notices you. The houses are a bit more run down though. I am looking at it as an investment. After 3 years and some fixing up, I would be able to sell it and get a better place somewhere.

Make sure you are able to do that. Some programs cap what you can resell for. They intend on making it affordable for the life of the property, not the life of your time there. Not sure if the HUD agreement is that way or not.

Patchman
08-27-2011, 11:52
The HUD program has definite possibilities if you're flexible in the type of neighborhood you don't mind living in, as well as where your kids go to middle and high school.

boomhower
08-27-2011, 12:07
You just have to keep an eye on the listings. There is one listed around me that is in one of the best neighborhoods in town. How it got listed like that is beyond me but it is. They aren't all in the ghetto but it seems to be the norm. If I was in the position to buy right now I would be all over it but we have to get my wife through school first.

G_34
08-30-2011, 00:28
Is that Johnson County, KS?

If so, I'd live there. Olathe and Overland Park are still pretty nice, yes? I grew up in L.A. C.A. so the hood in a nice town ain't that bad. :supergrin:

Yes it is Jo co ks...and while you are right about it not being too bad here.... I don't believe there are any revitilization areas in Jo co. The last time I looked the nearest one was in KC....near Argentine. (not a good area)