The Teacher Next Door
A new program established by HUD offers single-family houses, townhouses and condominiums for sale to teachers at a 50 percent discount in specially designated revitalization areas.
Teachers can purchase HUD homes at 50 percent off of the list price in HUD designated revitalization neighborhoods. These are neighborhoods receiving targeted public and private sector assistance that offer significant opportunities for local economic growth.
To make properties even more affordable, HUD will reduce the down payment to just $100 if a teacher purchases a new home with an FHA-insured mortgage.
Homes must be located in the school district in which the teacher is employed. Homes offered for sale were previously insured through HUD's Federal Housing Administration (FHA) and then foreclosed on.
Teachers must live in their new home as their sole residence for at least three years after its purchase.