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HUD
Homes
WHAT
IS A "HUD" HOME? A HUD (U. S. Department
of Housing and Urban Development) home is a property
that was previously financed with a FHA mortgage and
the former owner defaulted on the loan. The mortgage
company then submits a claim against the FHA insurance
fund to HUD. HUD then pays the claim and the mortgagee
subsequently deeds the property to HUD.
Homes
are bought through bids submitted over the internet.
All bids must be submitted through a REALTOR approved
by HUD. Not all REALTORS have gone through the approval
process. Of course, Innovative
Real Estate Services has and we are
ready to assist you.
Purchasers
MUST be pre-qualified, as a primary lender letter is
required for each bid. Contact us for bank and/or mortgage
companies. The buyer’s pre-qualification letter
MUST state:
• The lender has run an in-file credit report
on the buyer
• The lender has verified the buyer’s funds
needed to close
• The lender has examined the buyer’s year-to-date
income
HUD
has specific but fairly simply rules to follow. We can
get you started on the path to purchasing a house for
your residence or for investments. Just give us a call!
We will be happy to answer any questions you might have.
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