Does anybody know anything about HUD HOMES. I’m interested in buying one, but I don’t know if you have to make under a certain amount of money/ yr. Any answers will be greatly appreciated. Thank you. Basically… I just backed out of a HUD home purchased because I found something different, but I went through all the steps. HUD homes are not sold to you based on your income. You want to also get in touch with your city hall or realtor to see if you can qualify for a grant program, like first time home buyer programs. You should figure out what you can comfortably afford to spend first. What you need to do first is subtract your income from your bills. Actually, your fixed bills, like credit cards, car note, insurances, food, utilities, etc. Basically, bills that are going to be there for another two or more years. You also need to know how much you can afford to put down on the home, the taxes and insurances as well. Once you have figured out all of that, you need to shop for a lender. Know what your rights are as well. Some lenders are not here for your benefit, but rather theirs. Read all the paperwork ahead of time. And before signing with that company, make sure you understand all the fees. If I were you, I would shop around for lenders and see who can save you the most money and who’s truly in it for your benefit. Your lender will give you all the fair housing paperwork as well. You lender will assist you in shopping for a loan. Compare all the costs and interest rates. Most of the time it is the interest rates on a home purchase that can keep you from affording it. If your lender comes back with an interest rate you feel is too high for you, attempt to negotiate with him/her for a lower rate. Try getting pre-approved for a loan from a bank that has a first time homebuyer program. (Well’s Fargo, Capital One, Whitney National Bank, Hibernia) Once you start looking for your new home with your realtor, ensure you only look at homes you can comfortably afford. Know what you want in a home before hand. Make a wish list, then take it with you to each home you look at. Looking at houses can be emotional, but you have to detach yourself from the process and get a professional mindset. Please remember “Fixer-uppers” really need to be fixed properly, so get a price quote on how much repairs will cost before you make an offer. The next step is maybe the scariest of all. Making a offer is much like, giving birth without knowing you were pregnant. You will not understand the emotions that will come along with it. If you make an offer on a home, make sure you can afford the earnest money without suffering, if it is required. And don’t be afraid to negotiate with the seller. IT IS A BUYERS MARKET. What ever you do, if your offer is accepted, get an inspection done by a licensed person. Your offer on the home should be contingent on that home passing inspection. PLEASE remember that. The inspection will give you more negotiating power if there are repairs to be made. Shop for homeowners insurance as well. I did my shopping before I put in an offer. Most companies will give you a quote if you know the bear facts about a home. You can get that information from your realtor. You can lower your home owners insurance by 20-30% if you tell them you will install an alarm before 30 days after closing if the home doesn’t already have one. Most people tell you closing is very difficult, but it really isn’t. The hard part is signing all those papers. Make sure you read your settlement statement ahead of time. Make sure you bring a calculator with you. If you asked the sellers to pay a percentage of your closing cost, which is what I recommend, you want to make sure that percentage is what they are paying. Hope this helps.
HUD Foreclosure | Bidding on HUD Homes: The Secret The secret to bidding on HUD Homes, getting approved to bid on foreclosures, how much to bid on a foreclos. . .