Good Neighbor Next Door Eligibility Criteria
*The Good Neighbor Next Door Criteria only apply to ACA homes.
Eligible Buyer: Officer: A person employed full-time by a federal, state, county or municipal
government, or a public or private college or university, and in carrying out such full-time employment, are sworn to uphold and make arrests for violations of federal, state, county, or municipal law. Teacher: A person employed full-time by a public school, private school, or federal, state, county or municipal educational agency as a state-certified classroom teacher or administrator in grades K-12. The public or private school where the person is employed as a teacher serves students from the area where the home is located in the normal course of business. Firefighter/Emergency Medical Technician: A person employed full-time as a firefighter/emergency medical technician serving the area where the home is located. An Officer/Teacher/Firefighter/Emergency Medical Technician buyer must provide a letter from their employer to certify that they meet the definition of Good Neighbor Next Door. An eligible Officer/Teacher/Firefighter/Emergency Medical Technician can also be, or have a spouse that is, an Ogden City employee, appointed or elected official. The ACA program does not set income limits for eligible Good Neighbor Next Door buyers. However, guidelines for funding used to repair the home may set a limit of 80% of area median income, as determined by HUD. See Property Fact Sheet.
Income: There are income limits only on specific homes. See Property Fact Sheet. If income limits apply, then buyer must be able to verify eligible income by providing a copy of the most recent household tax returns and the two most recent pay check stubs.
INCOME GUIDELINES FOR HOME PURCHASE: Call Robert Bolar for Income Guidelines: 801-737-3333
Occupancy Requirement: Buyer must be an owner-occupant, and maintain the home as their primary residence for the period stated on the Property Fact Sheet. This will be either one year or five years, depending on the type of down payment financing provided (see below). This requirement is enforced by the terms of the down payment financing provided by HUD or Ogden City. If the buyer needs to move or sell before that time, then a portion of the down payment must be repaid. Otherwise, the down payment loan will be forgiven at the end of the required occupancy period. Home Buyer Education: Prior to closing on the purchase, the buyer must successfully complete the home buyer education course “The Way Home” provided by USU Extension (801) 399-8203, or the YCC (801) 394-9456. Application: Buyer must submit a Home Sweet Ogden application with all required attachments. Sales Price: Contract Sales Price will be Fair Market Value of the property as determined by an appraisal obtained by the buyer’s lender. Financing: Buyer must qualify for and provide a first mortgage. Prior to submitting an offer, buyer must obtain a pre-approval letter from a lender stating qualification for a mortgage sufficient to purchase the home. On selected ACA Homes, HUD will carry back a minimum of $5,000 on a “Home Buyer Enforcement Note.” This is a no-interest loan applied to the Contract Sales Price, which is forgiven after ONE year of owner occupancy for Officer/Teacher buyers. Ogden City may provide up to $5,000 towards down payment and closing costs, for qualified buyers. Separate program guidelines may apply. The buyer will be required to furnish a minimum of $500 out-of-pocket.
For more information contact Robert Bolar 801-737-3333