Officer Next Door Program

Officer Next Door

Officer Next Door is a program for Policemen and other Law Enforcement Officers to buy a home at half price.

The U. S. Department of Housing and Urban Development (HUD) wants to make American communities stronger and to build a safer nation. Public safety improves when police officers live in a neighborhood. The Officer Next Door program helps make this goal a reality by making homeownership faster and more affordable for Law Enforcement Officers.

Who Can Participate?

You must be a full-time, sworn law enforcement officer who is "employed full-time by a Federal, state, county or municipal government; or a public or private college or university." You must be "sworn to uphold, and make arrests for violations of, Federal, state, county, or municipal law." Your employer must certify that you are a full-time policeman with the general power of arrest. You don't have to be a first-time homebuyer to participate. However, you cannot own any other home at the time you close on your Officer Next Door home. You must agree to live in the home as your only residence for three years after you move into it.

How do I participate?

Officer Next Door property is listed and sold exclusively through HUD-approved brokers over the internet. Properties are single family homes located in areas that need revitalization. Properties available through the program are marked with a special Office Next Door button. Bids are awarded once each week. Your bid must be the amount of the list price. You may submit your bid directly or utilize the services of a real estate broker. Winning bids are randomly selected by computer. The winning bid is posted each week on the web site where you made your bid.

HUD will require that you sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that you fulfill the three-year occupancy requirement.

What Are the Benefits for the Officer?

The selected bidder may purchase the property at a 50 percent discount from the list price. For example, if a HUD home is listed for $100,000, an officer can buy it for $50,000. To make a HUD home even more affordable, you may apply for an FHA-insured mortgage with a down payment of only $100 and you may finance all closing costs.

If the home needs repairs, you may use FHA's 203(k) mortgage program. This program allows you to finance both the purchase of the home and the cost of needed repairs. You have the benefit of one loan for both costs and one monthly payment.

Discuss this home loan financing option with an officer at Goldman & Klein.

Because homes sold through the Officer Next Door Program are located in Revitalization Areas, there may be additional downpayment assistance from state or local government sources. Local or state governments want to encourage families and businesses to move into Revitalization Area neighborhoods.

Contact your Goldman & Klein loan officer to request more information or assistance in buying a home.

Call 1-858-602-7800 for a free consultation