Tags

, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Buying a HUD Home is not as difficult as you may think! I have helped many people purchase their 1st Home from HUD! Call me today for more details about the process! Laura.A.Key@gmail.com or Visit my website to sign up for FREE HUD Listings! http://www.KeyCaliforniaHomes.com

HUD Home

HUD does not warrant the condition of its properties and will not pay for the correction of defects or repairs. Since the new owner will be responsible for making needed repairs, HUD strongly urges every potential homebuyer to get a professional inspection 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 applying for an FHA 203(k) Rehabilitation Loan. When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property.

Will HUD make the repairs?

HUD homes are sold as-is. The new owner is responsible for all repairs and improvements.

Can I start improving on the property right away?

If HUD accepts your offer, you cannot make any repairs or home improvements until the escrow transaction has closed and title is recorded in your name.

Los Angeles HUD homes, Buying A Hud Home, North Hollywood HUD homes, Westchester HUD Homes, Gardena HUD Homes, Northridge HUD Homes, Santa Clarita HUD Homes, Simi Valley HUD homes, Lemert HUD Homes, Compton HUD Homes, Lynwood HUD Homes, Hawthorne HUD Homes, Inglewood HUD Homes, Baldwin Hills HUD Homes, Playa del rey HUD homes, Marina del Rey HUD Homes, Santa Monica HUD homes, Lakewood HUD homes, Buying A HUD Home, Buying a Los Angeles HUD Home, HUD Trained Agent, HUD NAID agent