Question:

What to know about buying HUD homes?

Answer:

Buying HUD homes is a common practice for many home buyers. Even though HUD homes are not discounted, they are affordable to low and moderate income families.

Buying HUD Homes Facts

  • HUD homes are homes foreclosed on as a result of delinquency on FHA loans. HUD's goal is to sell them as soon as possible.
  • Anyone can purchase HUD homes if they have the cash or have secured a loan.
  • HUD homes are usually affordable to low and moderate income households
  • Buying HUD homes doesn't mean HUD repaired them. HUD homes are sold "as is", without no warranty.
  • To purchase a HUD home, you need to use the services of a real estate agent to submit your bid.
  • If your offer is accepted, you will have up to 60 days to close on the purchase.
  • HUD homes listings are widely available on the internet.
  • HUD homes are offered to investors after potential owner occupants.
Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
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Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
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Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
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Common misspellings: mortage and morgage