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Laura Key 5/4/13 Laura Key 5/4/13

Does HUD Offer Special Programs for Homebuyers?

Buying a HUD Home is not as difficult as you may think! I have helped many people purchase their 1st Home from HUD! Call me today for more details about the process! Laura.A.Key@gmail.com or Visit my website to sign up for FREE HUD Listings! http://www.KeyCaliforniaHomes.com

Yes, HUD offers a program called the GOOD NEIGHBOR NEXT DOOR PROGRAM for Police Officers, Firefighters, EMT and Teachers! Call for more details on this program! 310.866.8422. If foreclosures are not sold within six months, HUD will sell them for $1 each to approved nonprofit organizations and government agencies. Homes must then be used create housing for families in need or to benefit neighborhoods.

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Laura Key 5/1/13 Laura Key 5/1/13

Does HUD Offer Financing On Their Homes?

Buying a HUD Home is not as difficult as you may think! I have helped many people purchase their 1st Home from HUD! Call me today for more details about the process! Laura.A.Key@gmail.com or Visit my website to sign up for FREE HUD Listings! http://www.KeyCaliforniaHomes.com

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. While 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.

Laura Key 4/28/13 Laura Key 4/28/13

Do I Need An Appraisal On A HUD Home?

Buying a HUD Home is not as difficult as you may think! I have helped many people purchase their 1st Home from HUD! Call me today for more details about the process! Laura.A.Key@gmail.com or Visit my website to sign up for FREE HUD Listings! http://www.KeyCaliforniaHomes.com

It is not necessary to have a HUD home independently appraised, HUD offers an appraisal every 6 months. Your Lender may require a more current appraisal than the one provided by HUD. Ask your loan officer or HUD registered agent.

Laura Key 4/25/13 Laura Key 4/25/13

How Much Money Will I Have to Put Down on a HUD Home?

Buying a HUD Home is not as difficult as you may think! I have helped many people purchase their 1st Home from HUD! Call me today for more details about the process! Laura.A.Key@gmail.com or Visit my website to sign up for FREE HUD Listings! http://www.KeyCaliforniaHomes.com

If the bid price is less than $50,000, you’re required to make an earnest money deposit of $500. HUD homes priced greater than $50,000 require a $1000 deposit.

Laura Key 4/22/13 Laura Key 4/22/13

Should I Get A Home Inspection If I Am Buying A HUD?

Buying a HUD Home is not as difficult as you may think! I have helped many people purchase their 1st Home from HUD! Call me today for more details about the process! Laura.A.Key@gmail.com or Visit my website to sign up for FREE HUD Listings! http://www.KeyCaliforniaHomes.com

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 purchase a house in need 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 when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed 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.

Will HUD make the repairs?

HUD homes are sold as-is. The new owner is responsible for all repairs and improvements.

Can I start improving on the property right away?

If HUD accepts your offer, you cannot make any repairs or home improvements until the escrow transaction has closed and title is recorded in your name.

Laura Key 4/19/13 Laura Key 4/19/13

Is There Anyway To Have My HUD Offer Considered Before Others?

Buying a HUD Home is not as difficult as you may think! I have helped many people purchase their 1st Home from HUD! Call me today for more details about the process! Laura.A.Key@gmail.com or Visit my website to sign up for FREE HUD Listings! http://www.KeyCaliforniaHomes.com

Owner occupants always have first priority; however, if there are not any bids after the 30^th day then bidding is open to all bidders (investors). All offers are due by the bidding date and the HUD system generally picks the highest and best offer.

Laura Key 4/16/13 Laura Key 4/16/13

Making an Offer On A HUD Home?

Buying a HUD Home is not as difficult as you may think! I have helped many people purchase their 1st Home from HUD! Call me today for more details about the process! Laura.A.Key@gmail.com or Visit my website to sign up for FREE HUD Listings! http://www.KeyCaliforniaHomes.com

Buyers will want to make offers based on ‘as-is’ appraisals determined by HUD. HUD will accept no offers that are lower than 50 percent of their appraisal. If you offer more than the appraisal price, you will be required pay the amount of the over-bid at closing, as your lender will base their loan amount on the appraised value of the home. Also, the process is a bit different than a regular offer on property. Your offer will be submitted online and government forms will be used to conduct the transaction.