Buying HUD Home - Can You Buy A Hud Home?

You may have many questions about if you can buy a HUD Home.

Who can buy a HUD home for sale? Do you have to be a first time homebuyer? Can you get a HUD home financed or do you have to pay cash? Is buying a HUD home difficult?

Those are some the common questions about buying HUD homes. Truth is that buying HUD home is for almost everyone. Any individual who can qualify for a mortgage or who can pay cash may buy a HUD Home.

Another good thing about buying HUD homes is the HUD $100 Down Payment Incentive Program were you can purchased a HUD foreclosed home with only a $100 down payment. The normal down payment for a FHA Home Loan is 3.5%. You can get more information on this great program by clicking HUD $100 Down Payment Incentive Program.

Purchasers MUST have a pre-qualification letter from a lender or proof cash funds in the amount of or greater than the HUD home purchase.

HUD divides buyers into two groups, owner-occupants and investors. Owner-occupants have the initial advantage over investors.

Priority is given to purchasers who are owner-occupants for the first ten calendar days after a new listing is posted. Also, owner-occupants must live in the house as their primary residence for at least one year and may not purchase another HUD home for two years.

HUD does not provide financing for the purchase of HUD Homes. It is up to the buyer to locate the financing through a bank or mortgage company. Before you bid on a property, be sure you have secured financing. If you place winning bid and you cannot obtain financing within the specified time, you may lose the earnest money deposit that you submitted with your offer.

If the property you want to purchase needs repairs, you can get a FHA Loan called Streamlined FHA 203K Loan. You can include up to $35,000 of non-structural repairs in the loan. You can get more information on this loan by clicking Streamlined FHA 203K Loan

So, if you have the money or can qualify for loan, you can buy HUD Homes. Buying HUD home is one way to take advantage of the great deals on all of the foreclosures that are available in today's market!

The photo below is an example of Baltimore HUD Homes. It is listed for $34,500. Currently there are only 25 HUD Homes in Maryland. It would be hard for an investor to make money with HUD homes in Maryland. There are usually less 10 listings for Baltimore HUD homes.

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