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The Officer Next Door Program


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I am wanting to purchase a home on this program. I was just wondering what other members know about this program. It is for police officers to purchase a home for 50% of the list price. I guess the secong 50% is done by something called a silent second mortage. So we are talking about a house payment for around 500.00 a month for a house. Now I know that the focus of this program is to get police officers affordable housing in the communities that may need it a little more then others. In my state I know several officers that have gotten some really decent houses on this program. I am mostly concerned about my credit. I believe that I am in the high 500's to low 600's. I was also told that under this program you cannot have one late payment to a creditor within the last year. This is where it hurts me, I have two late payments within the last year. One to key bank for a car payment and one to Crap 1 for a small credit card bill. Anyway, if anyone knows some helpfull info about this program I would like to hear what you know.


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