| - HUD HOMES - Q: What is a HUD home? A: When a homeowner with a mortgage insured by HUD is not able to make payments, the lender forecloses on the home. HUD then pays the lender what is owed and takes ownership of the property. Then, HUD sells the home. Q: How can I buy a HUD property? A: In most cases, HUD homes are sold during what is called an 'offering period.' At the end of that period, all offers are opened and the highest bid is accepted. If the home is not sold in the initial offer period, you can submit a bid on any business day after that. To find a foreclosure near you, use the search engine. Q: Can anyone buy a HUD home? A: Yes, anyone can buy a HUD home. These homes are not only for low income buyers. However, most are in the affordable price ranges for low income purchasers. Q: Does HUD make repairs to homes before they are sold? A: Generally, they do not. HUD homes are sold "as-is," without any warranty. Although in some cases a repair will be made to eliminate a major safety problem or health hazard. The home should be professionally inspected before you purchase it. Q: I'm a teacher, does HUD have any incentives for me? A: "Teacher Next Door" allows qualified educators to purchase a HUD home for half the listing price. There are FHA mortgages available for theprogram that require a downpayment of only $100. Contact a real estate agent for more information. Q: Can HUD homes be purchased as investments? Most HUD homes are offered to owner-occupant purchasers first. That is, for people who are buying the home to live in as their primary residence. Following that period, properties that are still unsold are available to all buyers, including those buying them for investment purposes. Q: Where can I get a loan to buy a HUD home? A: There are a number of mortgage lenders that can help you buy a home. Visit the mortgage information page to learn about Ameriquest Mortgage. - VA Homes - Q: What is a VA home? A: Smilar to a HUD home, VA homes are property that was financed using a VA guaranteed loan and is foreclosed due to non payment of the loan. It is then reposessed by the VA and sold at market value. Q: Do I have to be a veteran to purchase a VA-owned property? A: Nope. All VA properties are available to both veterans and non-veterans alike. Q: Will the VA finance a purchase of the property? Financing is available for some, but not all, property sales. With VA financing, the down payment requirements are usually very reasonable, and the interest rate is established by VA based on current market conditions. But, and there's always a 'but', any purchaser who requests VA financing to purchase VA-owned property must have acceptable credit and income to meet the loan payments, maintain the property, and pay all taxes, insurance, utilities and other obligations. Often, due to the strict stipulations, it is better to use outside financing. |
|