What are HUD homes?

HUD homes are GOVERNMENT foreclosed homes.  These are homes that are run through the FHA (Federal Housing Administration) program.  The FHA program was a program that many REALTORS didn't like to use because of it's strict regulations.  Today, the government has come up with a great program to assist many first time home buyers of HUD foreclosed homes, it's called the HUD Initiative Program. 

The Basic Guidelines

If the home and owner-occupied buyer qualifies for this loan, it means an earnest deposit of $1000.00 initially, $100.00 total at the end.  (YES, that is not backwards...at close, the out of pocket costs will be $100.00 and the $900.00 could possibly be refunded to you!)  It also allows for up to $2500.00 in closing costs to be covered.  It's a fantastic program with some guidelines but it allows a lot more first-time home buyers to qualify for a home. 

The Ins and Outs from an Expert 

From what I understand of the program, it is one of the better mortgage programs that have been put together although it is very new to the marketplace.  Fortunately, I have someone that knows the ins and outs of this BRAND-NEW mortgage program, and I would love to refer them to you.

So if a HUD home is in your future and you're looking at investing in a great property, just give me a call at (616) 318-6101 at any time or email me!