Who Can Buy a HUD Home?

Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

What About Financing?

HUD does not give direct financing to buyers of HUD Homes. Buyers must get 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. While HUD does not give 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.

What is a 203K Loan?

–This is the Department of Housing and Urban Development’s primary program for the rehabilitation and repair of single-family properties. Image

–The program operates through FHA-approved lending institutions, which give applications to have the property appraised and have the buyer’s credit approved.

–To buy a dwelling and the land on which the dwelling is located and rehabilitate it, and to refinance existing indebtedness and rehabilitate such a dwelling, the mortgage must be a first lien on the property.

The best feature of this loan is that it can be rolled into the mortgage.

Charlotte – The Place To Live

Time Frame For Getting A New Mortgage After A Short Sale

  • Mortgage program lending guidelines after a short sale depend on the lender. For loans that are federally backed, such as those from the Federal Housing Administration (FHA), you’ll have to wait at least two years from the short sale before you regain eligibility. That’s as long as you were current on your old home loan. If you weren’t, eligibility could take as long as three years. Private lenders, of course, are free to set their own time requirements. 

Of course I am NOT a mortgage professional. This information is based on my research. 

Own This Cute Home Near “UNCC” For Very Little Money

Own For Less Than $325 Per Month

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Any investors out there? Bank has directed me to cut substantially the price of this SHORT SALE LISTING. This is a HAFA pre-approved SHORT SALE. BANK will give final approval within 10 days of receiving agreement to buy property. Searching for a “ready and willing buyer” ASAP. I just update the listing price few minutes ago and you are among the first ones to be notified. If you are paying cash, make sure to have proof of funds. If you are financing, make sure to have a pre-approval letter, not pre-qualify letter. Pre-approval means only contingency is appraisal 🙂 IT IS ONLY $72,600. Click on mortgage calculator to see for yourself how little will it take to own this property. Current interest rates are hovering at 4%