In certain areas, HUD allows service professionals such as teachers to purchase foreclosure homes at a whopping 50% discount. Here’s how the HUD website describes the program:
“Buy a home through HUD’s Good Neighbor Next Door initiative designed to encourage renewal of revitalization areas by providing law enforcement officers, firefighters, emergency medical technicians and teachers an opportunity to purchase homes in these communities. HUD provides a substantial incentive in the form of a fifty percent discount off the list price of eligible properties.”
In order to qualify, buyers must agree to live in the home and not sell for a specified amount of time.