HUD Homes and HUDHomestore
Get Approved For Your HUD Home Today
The HUDHomeStore is the listing site for HUD Homes. HUD real estate owned single-family properties. The HUDHomestore website provides the public, mortgage professionals, government agencies and nonprofit organizations a centralized location to search the inventory of HUD homes for sale. In addition, registered real estate brokers and other organizations can place bids on behalf of their clients to purchase a HUD property. HUDHomeStore also includes tons of user-friendly features providing advice as well as guidance for consumers on the home buying process. A HUD Home is a great way to buy a property that you want to restore and revamp to make it all your own.
HUD Homes Definition
HUD homes are typically a 1-to-4 unit residential property obtained by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the losses on the foreclosure claim. These homes typically need some sort of work or repair done to them. Those repairs can sometimes be minor like new flooring to major repairs like roofing or foundation work.
Who is eligible to buy a HUD Home
Anyone who has the cash or can qualify for a loan or mortgage can buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers. Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
Is a home inspection required
HUD provides NO warranty as to the condition of its properties and will not pay for the repairs. Since the new owner will be responsible for making needed repairs, HUD strongly urges every potential home buyer to get an inspection from a licensed professional home inspector 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 a FHA 203K loan. When a home buyer wants to purchase a house in need of repair or modernization, the home buyer usually has to obtain financing first to purchase the dwelling. Also, the additional financing to do the rehab construction and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing involves relatively high interest rates and short amortization periods. The FHA 203K loan allows you to borrow the money plus up to an additional $35,000 for any repairs needed for the home.
HUD does not provide financing or lending to buyers of HUD Homes. Prior to making an offer on a home you find on the HUDHomestore, you’ll need to obtain pre-approval for the loan. If you have the necessary available cash, alternatively 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.
Get approved for HUD Homes with our HUD approved lenders or you can visit the hudhomestore.
You can also compare mortgage rates for HUD Homes