Police officers put their lives at risk for the greater good of the community. They deserve to be able to buy a home in the community that they serve. Many government and HUD programs make it possible for police officers to get the financial assistance that they need.
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The Available Grants
- Golden State Finance Authority Down Payment Assistance – This program offers police officers in California a 5% down payment grant. Police officers must secure FHA financing in order to be eligible for the grant.
- Washington DC First Responder Program – Police officers can receive up to $10,000 in down payment assistance. You must have a five-year service obligation and live in the property as your primary residence for five years.
- Georgia Dream Program – Eligible first responders may receive up to $5,000 for a down payment with the possibility of an additional $2,500.
- Home in 5 Advantage Program – Eligible first responders can receive up to 4% of the purchase price of a home as down payment assistance
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HUD Good Neighbor Program
The HUD Good Neighbor Program is for anyone that serves the community and purchases a HUD-owned home. HUD designates certain homes for this program periodically. The homes are located in areas that need stimulation and could use the positive influence of our community providers.
First responders that purchase a Good Neighbor Home get a 50% discount on the home, but they must meet certain criteria. First, you must live in the home as your primary residence for 3 years. During that time, the 50% discounted portion of the home sits in a silent second mortgage. You don’t make any payments on it and it doesn’t accrue interest. At the end of the 3 years, HUD forgives the second loan and you are free to do with the home as you wish, including sell it.
Each state has its own down payment assistance programs for first responders as well. Check with your state and local government to see what options may be available to you.