Last Updated on April 21, 2022 by Luke Feldbrugge
As a hardworking law enforcement officer, you deserve a home that you and your family can call your own. So, what if you could save on buying a home?
Georgia is an affordable state to live in, ranging three to seven percent lower than the national average. However, with the current state of the real estate market, becoming a homeowner in Georgia might only seem like a possibility a few years down the road.
The good news is that community law enforcement heroes may qualify for law enforcement home buying programs in Georgia. If you’re interested in learning more, here are some things to know.
What Are Some Law Enforcement Home Buying Programs in Georgia?
There are a couple primary payment assistance programs for law enforcement home buyers in Georgia.
Good Neighbor Next Door Program
The Department of Housing and Urban Development (HUD) offers grants through the Good Neighbor Next Door Program (GNND). The goal of this program is to make American communities stronger and safer by encouraging law enforcement heroes like you to live in the community you serve. Under GNND, HUD offers certain single family properties for sale to law enforcement officers at 50 percent off of the list price.
They identify GNND revitalization areas where law enforcement officers can make an offer on a GNND HUD home. They provide a dedicated website where you can find out if there are any eligible properties available in the areas where you want to live.
There are specific law enforcement eligibility requirements for the GNND assistance program so please be sure to check those out before going down this path.
To pursue the purchase of a GNND HUD home, you would offer the total purchase price, and you would be required to take out two mortgage loans with mortgage lenders:
- Mortgage #1: Covers the 50 percent you’re responsible to pay for the home
- Mortgage #2: Is defined by HUD as a “silent second” mortgage that covers the discount amount. You do not make any mortgage payments on this mortgage loan, and there is no interest, as long as you meet the 3-year occupancy requirement.
Clearly a big advantage of buying a home through the GNND HUD assistance program is the money you save on the cost of buying a home. What if you could save even more?
Buying a Home with Homes for Heroes
Homes for Heroes is another law enforcement home buying program in Georgia, and it can be used along with the GNND HUD assistance program to save law enforcement heroes like you an average of $2,400 when you purchase a home.
Homes for Heroes connect you with a local real estate and mortgage specialist to help you save money when buying a home. Through the Hero Rewards savings they offer, you can save 0.7 percent of the home’s purchase price. After you close on the home, Homes for Heroes send you a check to spend on anything you may need for your new home. It’s their way of saying, Thank you for your service.
You serve a noble and essential role, and you should be able to focus on that without having to stress over the high costs of home buying.
Save Money on a Home Today
Now that you know about the law enforcement home buying programs in Georgia, you can start taking steps to make a home purchase more affordable.
Let Homes for Heroes help you save money on your next home purchase in Georgia.
Fill out the sign up form now and start the process of buying a home today.