It is often thought that HUD Homes are always almost derelict and require a lot of work to make them habitable and, while that is occasionally the case, the majority often need only relatively minor work, and some are in move-in condition.
One of the big advantages of buying HUD homes is that anyone can buy one; there are no limitations on income and in some areas there are programs that allow a down-payment as little as $100.
So what is a HUD home?
It will be a one-to-four unit, single-family home that has been foreclosed on at a court house auction that had a mortgage backed by the Federal Housing Administration (FHA) .
Because it is a foreclosure, it may need some renovation to bring it up to a good standard, but the price asked for it will reflect that and some real bargains can be found.
HUD homes can be particularly attractive to firefighters, EMTs, police officers and teachers because they qualify for HUD home discounts – what used to be called “The Good Neighbor” program.
Properties that need rehabilitation can also qualify for special loan programs to assist with the work, making these HUD homes very attractive propositions for owner occupants and investors. Owner occupants have an advantage over investors in that bids are only accepted from owner occupants for the first 30 days. After that time investors are also allowed to bid.
One of the big attractions to investors is that there is no limit on the number of HUD homes they can buy, allowing people to build up a portfolio of homes that offer a great return of investment.
To find out how to buy a HUD home at the best price, and to get a FREE list of those available right now, call Curtis Siever on (540) 671-6635, or click here –>Free HUD Homes Listings.
