This program has been around for a bit, since November of last year actually. It is an FHA loan program that is specific to HUD Homes that are Owner Occupied. What a great opportunity for someone who is looking to pickup on a deal, come out of pocket as LITTLE as possible and still have a Federally Funded Loan that is FIXED RATE! You can’t ask for more – right? Here’s the real bonus – MANY of these HUD homes are not in “terrible” condition. In fact, I’ve been through about 20 of these homes in recent months and only 3 would be properties that I’d not recommend due to the extensive amount of work that would be required to comfortably live. Keep in mind, everyone is different and the skills you have for doing repairs around the property will vary. What I typically look at is how is the current property condition, what would be the market value with repairs completed and how well does the home fit your needs. Just because you can buy a house for $xxx doesn’t mean that it will ultimately fit your lifestyle. So all things considered – I wanted to let you know this program is still out there and available and there are many homes that HUD currently has for your bid. This is a pretty simple process for which I am a designated Realtor and can submit your bids for you. It is all “automated” and online and a bid placed today could be accepted / rejected as quickly as end of day the next business day. (There have been a few glitches previously, but I’ve been assured with the new company overseeing the process – that should be resolved.) Go online to the official HUD listing CLICK HERE and take a look at the properties – if you see anything worth considering, give me a call or drop me an email.
There are so many “parts” to this process, such as $2,500 sales allowance that you can use for closing costs, repairs or to pay down the principal balance of the mortgage. The requirement is to use FHA financing – but if you choose another type of financing you can still have a $1,000 sales allowance. Makes this even better – right?
How about this part – Are you a Teacher, Police, Fire, ETM or other Civil Employee? If there is a home that is HUD owned in an area targeted, and You will be Owner Occupied and are the Winning Bid – you could get a 50% Discount on the purchase price. The number of these homes is limited – they are in designated areas, but if you are open to the idea – you could really be in a home for the $100 out of pocket, have $2500 for repairs and BUY the home for HALF the COST! Call me – we’ll talk specifics and begin your search TODAY!! You need to hurry though – the deal is currently set to expire on September 30, 2008.