HERE"S THE LATEST INFO FOR YOU

What is a HUD Home?  HUD homes are properties that have been foreclosed upon, and being offered by the lender that has foreclosed on the property, often at a reduced cost.  HUD Homes have been around for a long time, but never with as much inventory as they have right now. You have a window of opportunity here because it's a niche market that many people know about - but few participate in.

Under normal FHA rules, you have to show the ability and the assets to put down at least 3.5% of the purchase price.  On the repo program, what FHA will allow purchasers to buy these homes with almost no money down.  In the case of this program, the required down payment is $100.00.  What FHA has done now was to extend the $100-down repo program that allows borrowers to purchase HUD-owned properties. In fact, the attraction of these programs is that the properties offer financing of up to 100% of the loan amount, which can include a "repair escrow" for repairs for up to $5,000. In some markets, there are additional "incentives" to borrowers, with up to $2500 in paid closing costs and an additional $500 commission bonus to the real estate agent.

The attraction of these programs are obvious.  You could literally buy a home with the change you could find in a sofa!

The downside of this program is if you're looking to buy a home in the Baton Rouge area, the selections are limited.  However, if you're looking in other areas of this state, you can luck into a good buy.

Interested?  drop me an email and I'll send you the  info so you can check out these homes.   

As always, any comments on this blog, please click below and respond.

Until next time,  take care.

Mitch