benefits of buying a hud home - marshall carrasco reno, nv short sale expert

Benefits of Buying a HUD Home

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A U.S. Department of Housing and Urban Development (HUD) home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage.

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HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

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HUD Home Store is the listing site for HUD real estate owned (REO) single-family properties. This new site provides the public, brokers, state and local governments and nonprofit organizations a centralized location to search the inventory of HUD properties for sale.

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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.

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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.

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If you are an evacuee displaced by Hurricane Katrina, Rita or Wilma, you may be eligible to purchase a HUD Home at a discounted price.

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Benefits of Buying HUD HomesAccording to HUD, some benefits to buying HUD homes include:• A real estate broker will prepare and submit your offer and deposit for you without charging you.• HUD pays up to 5 percent of the closing costs, saving you thousands.• You can move in faster if you purchase a HUD home eligible for FHA-insured mortgage because it has already been appraised.• HUD homes may be eligible for repair loans built into the mortgage and buyers may qualify for 3 percent down payments.

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Neighbor Next Door

• Buying a home through HUD's Good Neighbor Next Door initiative is designed to encourage renewal of revitalization areas by providing an opportunity for law enforcement officers, firefighters, emergency medical technicians and teachers to purchase homes in these communities. • HUD provides a substantial incentive in the form of a 50% discount off the list price of eligible properties.

Special Programs Available

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Nonprofits

• The Federal Housing Administration (FHA) offers community and faith based nonprofit organizations the opportunity to purchase HUD homes at discounts up to 30%. • With this discount, local nonprofit organizations invest in their communities through property rehabilitation and resell to first-time homebuyers and low to moderate income families.

Special Programs Available

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Dollar Homes

• HUD's Dollar Homes initiative helps local governments to foster housing opportunities for low to moderate income families and address specific community needs by offering them the opportunity to purchase qualified HUD-owned homes for $1 each. • Dollar Homes are single-family homes that are acquired by the Federal Housing Administration (FHA) as a result of foreclosure.

Special Programs Available

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