Tehama Country Real Estate

Tehama Country Real Estate – 3 What Is A HUD Home and How Can I Get One? Real Estate Spotlight By Alex Mason HUD to be an owner occupied residence, and other requirements may apply depending on the area where the property is located. Though some minor restrictions apply, the FHA homes are an excellent home buyer resource to acquire quality housing at a fair and equitable price. HUD, or the U.S. Department of Housing and Urban Development, offers quality residential properties with single family homes, townhouses and condos backed by federal lending through the Federal Housing Administration, or FHA. HUD is a program that takes con- mortgage lending program is easy to qualify for. Persons with low income or bad credit applicants are ideal candidates to be served by the HUD governmental agency. In addition, HUD financing is a snap with less than 5 percent of the total purchase price required for a down payment. HUD SPECIAL PROGRAMS HUD special offers and incentives will vary from state to state, but the government sponsored HUD does trol over its real every effort to offer special estate inventory, but discounts to certain HUD itself is not a individuals. lender. The make Fire- fighters, law enforceHUD ment pro- EMT staff, teachers gram is a Washing- and other public ser- ton cabinet agency vice workers may be and exists to bring affordable housing to promote the American dream. HUD acquires the bulk of their real estate inventory from defaulted mortgages secured by FHA lending, and HUD homes for sale may be purchased at fair market value directly from the agency. To get started, visit HUD at www.HudHomeStore.com. HOW TO BUY A HUD FORECLOSURE HUD does not like to carry an inventory of foreclosed homes, so many HUD bargain deals will go directly to auction for a quick sale. HUD homes are sold as-is, but an interested bidder will be allowed to have a home inspector check the property for damage. Since HUD does not make any corrective or cosmetic repairs, be sure you have a solid game plan and budget for real estate rehabilitation if you wish to purchase off the auction block. Rehab lending is available from the FHA 203k Rehabilitation Loan program for qualified applicants, or you can plan to have an extra cash reserve to take care of the HUD home reconstruction from your own pocket. personnel, able to take a substantial discount off the asking HUD home price. In addition, non-profit organizations who will resell the property to low-income buyers have the chance to purchase HUD properties for pennies on the dollar. Special buyer discounts also apply to FEMA qualified applicants with a reduced total purchase cost and minimal down payment, and such candidates may also apply for a repair and maintenance fund based on a certain percentage of the total sale price of the HUD home. HUD homes look and feel like any other home on the open market and can be purchased in any state, county and city across the country. You can secure your HUD home lending from liberal lending institutions such as the FHA or use your trusted bank or local mortgage broker. The official HUD Web site will direct you to current real estate inventory up for sale and may also advise you of local lenders to assist you with an easy-tosecure FHA mortgage application. In addition, www.HudHomeStore.com has the answers to many FINANCING A HOME WITH FHA LENDING questions for first-time home buyers, including how Properties ranging from one to four units may be financed through the government's FHA lending pro- to purchase your HUD home and a FAQs page to get gram for up to 96.5 percent of the home purchase you up and running in no time. price. Alex Mason is a former real estate agent and mortgage bro- FHA lending policies require the home for purchase ker living in Los Angeles.

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