HUD Homes

HUD: the U.S Department of Housing and Urban Development “was designed to assist homeowners, homebuyers, and to regulate real estate transactions”. HUD offers an exciting program called Good Neighbor Next Door that cuts the listing price of a home in half for eligible teachers, law enforcement, firefighting, and emergency medical technicians who agree to live in a revitalizing neighborhood for at least 36 months.

It offers an amazing 50{7c352f4fa08585812fe49d64b966ab1fc9eda250e0643651a7855d798aa89d13} off (yes you read that right) the list price of a HUD home in a so-called revitalization area,” so a property listed for $200,000 would be sold for $100,000, and can be combined with the $100 down program if you go the FHA financing route.hud homes for sale

The bid will become the acknowledged bid listed in “Search Offer Results,” allowing the agent or broker 48 hours to deliver to the appropriate Regional Office the complete and correct Sales Contract package with all addenda signed, a copy of the loan pre-qualification letter, and the earnest money check.

Long before a home becomes the property of HUD, it typically was owned by a regular homeowner who’d made this purchase with an FHA loan Federal Housing Administration loans are easier to qualify for than a conventional loan because the FHA requires a low down payment (as little as 3.5{7c352f4fa08585812fe49d64b966ab1fc9eda250e0643651a7855d798aa89d13}).

This means that FHA stays in existence from its own funds without depending on another government agency to support it. The income FHA receives derives from the mortgage insurance paid by homeowners, which includes the FHA funding fee and the FHA Mortgage Insurance Premium.