Having acquired the status of a "Registered HUD Agent", I learned some interesting things about HUD properties. HUD properties, usually identified with low income neighborhoods, cross the spectrum. HUD properties vary in price, location and condition. Homebuyers may receive a $1000 sales allowance if a contract is executed within 30 days of the property's initial offering. Additionally the property may qualify for FHA 203(b) or 203(k) financing which provides funds to repair the home up to a specified and stated amount. The funds are then folded into the mortgage.
How about that - a homebuyer could get a home - have it repaired and pay for it all in the mortgage. Now is the time to buy! So why don't you do it?
Sunday, February 1, 2009
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