Money saved is always a welcome friend, unless you’re that baby in the Capital One commercial, then that’s a whole different story! When thinking about purchasing a home, one of the most important factors is price, however even with that in mind, many potential homebuyers forget about a valuable resource….HUD Homes! If you’re looking to get a great property at an even better price then you can’t afford to overlook these jewels. Whether you’re looking as a first time homebuyer, or looking for a fixer upper, HUD Homes are definitely a great option!
What is a HUDHome?
HUD Homes are properties that have been acquired by the Department of Housing and Urban Development, HUD for short. The great thing about them is that just about anyone can buy one…yes even you, provided that you have cash available, or can qualify for financing. Seems pretty simple right?
Of course there are certain restrictions, HUD homes are first available to owner occupants, that is those who plan to live in the property. Once that period expires the unsold homes are available for sale to anyone who has the funds to purchase them, and that includes investors.
Think you may be unable to qualify for a conventional loan due to low income or poor credit? Don’t give up yet!You may be able to qualify for an FHA loan! FHA Loans are great alternatives for low income families since they usually require low down payments. To get more information on FHA Loans and the eligibility requirements go to http://portal.hud.gov/hudportal/HUD?src=/buying/loans . Here you will find a wealth of information on just what an FHA Loan is, and how they can help you.
Another great thing about purchasing HUD Homes is that you may also be eligible for programs offered by the FHA. With programs such as The Good Neighbor Initiative Program, law enforcement officers, firefighters, emergency medical technicians and teachers, may be eligible to receive substantial incentives to homeownership. This is a great program aimed at revitalizing area communities. To learn more visit: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/main, and visit: www.hudhomestore.com to search for HUD Homes in your area, and learn about other programs you may be able to take advantage of.
Okay, so now you’ve found a HUD Home you’re interested in making your own, what’s the next step? So glad you asked! In order to make an offer, or place a bid on a HUD Home you need a HUD Registered selling broker, and it’s just your luck that I happen to know one! However, if you insist on doing things the hard way… there is a nifty little search tool at the HUD store website. Just enter your search criteria, and viola you’ll get a list of HUD Registered brokers in your search area.
So now that I’ve armed you with vital information, it’s time to go house hunting!