6.Be a Good Neighbour
Nurses, police officers, and educators can all reap special rewards from participating in the Good Neighbour Next Door initiative. If you qualify, you can get a 50% discount on a HUD foreclosure. With an FHA loan, a ten percent down payment of $100 is all that is required.
The homes are listed on the website of the United States Department of Housing and Urban Development. A real estate agent who is licensed by HUD is required to submit the offer on your behalf.
Your offer will be approved if you can afford the home. With a 50% reduction, buying a home is much more within reach. This rebate is a second mortgage, though, so keep that in mind. However, there is no interest and no payments are necessary. After three years of continuous occupancy, the second mortgage will be cancelled.