Should I Get a Home Inspection? Hud does not warrant the condition of its properties and will not pay for the correction of defects or repairs.Since the new owner will be responsible for making needed repairs,HUD strongly urges every potential homebuyer to get a professional inspection prior to submitting an offer to purchase. If you are interested in acquiring a HUD Home that is in need of repair,you may be interested in applying for an FHA 203(k) Rehabilitation Loan. When a homebuyer wants to pourchase a house in needed of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling, additional financing to do the rehabilitation construction;and a permanent mortgage. Often the interest rates and short amortization periods.The Section 203(k) program was design to address this situation. The borrower can get just one mortgage loan,at a long-term fixed ( or adjustable) rate,to finance both the acquisition and the rehabilitation of the property. Click here for more information about FHA's 203(k) Rehabiliation Loan Program. What About Financing? HUD does not provide direct financing to buyers of HUD Homes. Buyers must obtain financing through either their own cash reserves or a mortgage lender. If you have the necessary available cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. Whike HUD does not provide direct financing for the purchase of a HUD Home,it may be possible for you to qualify for an FHA-insured mortgage to finance the purchase. Where Can I learn About Available HUD Properties? Any single family property acquired by HUD,FHA will display a sign identifying who is managing the property before it is listed for sale. During this time the property is appraised,title issues are resolved, if necessary, and a determination is made about the property's eligibility for HUD's discount sales programs.Listing posted on the internet and the Multiple Listing Service. For more information,contact the Management and Marketing Contractor serving your area. www.mountainwineandhomes.com Murphy North Carolina Your Mountain View Specialist, Jack Shingler Broker, Coldwell Banker High Country Realty 866-835-8500 or 321-279-1049 Jack Shingler.
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