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Wednesday, May 27, 2009

Buy a Home for Half-Price

Teachers can buy a home for 50% of the home's appraised value through a program called the Good Neighbor Next Door Program. The Department of Housing and Urban Development offers homes in predetermined areas to teachers, firefighters, police officers, and EMTs before offering them to the general public.

Is there a catch? Yes. The catch is that you have live in the home for three years and students at your school must come from that neighborhood. For this reason it is much easier to qualify for this program (or to find an eligible house) if you teach at a private or a charter school.

At the end of the three years, though, the house is yours. You can turn around and sell it. Even selling it at the original appraisal price would mean a handsome profit.

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