15 Things Houston First Time Home Buyers Should Know About Buying A HUD Home
Buying a HUD home is an inexpensive way first time home buyers can purchase their home.
HUD homes are priced to sell quickly.
Significant discounts are offered to individuals that qualify for HUD incentive programs, that includes, Good Neighbor Next Door and $100 Down.
HUD prioritize selling its homes to individual and family who plans to live in the home, instead of to investors.
Investors have to wait for the initial listing period to pass before they can make any offers.
HUD homes go through a bidding process.
Bidding process is 30-60 days.
You will need a HUD- approved real estate agent to help you bid on HUD homes and to help you with the process.
As an owner occupied buyer, you get first choice on HUD homes.
Your real estate agent will be notified and a closing date will be given if your bid offer is accepted.
You will need to secure financing during the bidding process.
You can use conventional mortgage, FHA loan, FHA 203(k) or VA loan to finance your HUD purchase.
HUD may help to pay your losing cost.
If you purchase your HUD home to live in, you will be required to live in the home for 1 year before you can sell it. Thereafter, you will need to wait a minimum of 2 years before you can purchase another HUD home.
HUD homes are not listed in MLS like other homes
For more information on HUD homes, please speak with a HUD approved Realtor or visit. We hope you enjoyed your visit with us today. As always, thank you so much for stopping by. Until next time…Diana.
Image courtesy of HUD.gov
