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HUD Housing

Discussion in 'Cop Talk' started by puckhead, Aug 26, 2011.

  1. puckhead

    puckhead

    1,317
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    Feb 26, 2009
    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
     
  2. Hack

    Hack Crazy CO Gold Member

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


  3. Cochese

    Cochese Most mackinest CLM

    11,997
    903
    Jun 30, 2004
    Unmarked Rustbox
    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.
     
  4. puckhead

    puckhead

    1,317
    15
    Feb 26, 2009
    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.
     
  5. puckhead

    puckhead

    1,317
    15
    Feb 26, 2009
    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.
     
  6. Cochese

    Cochese Most mackinest CLM

    11,997
    903
    Jun 30, 2004
    Unmarked Rustbox
    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!
     
  7. Cochese

    Cochese Most mackinest CLM

    11,997
    903
    Jun 30, 2004
    Unmarked Rustbox
  8. puckhead

    puckhead

    1,317
    15
    Feb 26, 2009
    Yeah, the prices I was seeing was for the listing price not the discounted price.
     
  9. G_34

    G_34 STUMPY

    58
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    Sep 19, 2004
    Behind the Wall
    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.
     
  10. puckhead

    puckhead

    1,317
    15
    Feb 26, 2009
    Thanks for the heads up! I will have to do my research.
     
  11. Cochese

    Cochese Most mackinest CLM

    11,997
    903
    Jun 30, 2004
    Unmarked Rustbox
    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:
     
  12. CAcop

    CAcop

    19,709
    2,334
    Jul 21, 2002
    California
    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.
     
  13. BULLRUNN

    BULLRUNN Double Tap

    410
    2
    Oct 1, 2001
    Hampton Roads
    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...
     
  14. nikerret

    nikerret Mr. Awesome

    7,402
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    Mar 29, 2005
    Kansas
    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.
     
  15. 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.
     
  16. rdrkt

    rdrkt

    508
    34
    Feb 28, 2005
    Md
    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.
     
  17. texan86

    texan86

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    Feb 11, 2006
    Texas
    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.
     
    Last edited: Aug 27, 2011
  18. OXCOPS

    OXCOPS

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    Dec 31, 2000
    AZ
    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.
     
  19. 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.