1. $100 Down payment financing is available on most HUD foreclosures properties through FHA approved lenders. Hud will consider paying purchaser’s closing costs (HUD will pay up to 3% of the bid amount)These homes have a deadline when bids are due, call ASAP if you see a home your interested in.
2. $1,000 sales allowance to be paid at closing to owner occupant purchaser(s) on properties purchased with a full price offer. (Type of financing used is not a consideration for this incentive.)
3. On the VA owned homes sell on a daily basis. VA loan finacing for Veteran and Non Veteran are eligible, Down Payment 0% Down Payment — if Owner Occupied, 5% Down Payment — if Investment/Non owner occupied, 20% Down Payment – processing will be streamlined.
New HUD owned properties 90-day anti-flipping rule
In an effort to facilitate the sale of bank-owned properties, the Federal Housing Administration (FHA) has temporarily suspended its 90‑day rule against flipping properties. Under the anti‑flipping rule, the FHA will not insure a mortgage loan if the sales contract is executed within 90 days of the seller’s acquisition of the property. Effective June 9, 2008, the anti‑flipping rule has now been waived for one year for properties acquired by lenders, their subsidiaries, and their outside vendors.
The purpose of FHA’s new policy is to facilitate the sale of bank-owned properties, given that foreclosed and abandoned homes harm neighborhoods and delay a community’s recovery. However, FHA still requires homes to be “safe, secure, and sound,” which may not be the condition of certain foreclosed-upon properties.
To search for Government foreclosed properties go to List # 1 Government and HUD Properties on our website. Call me, or contact me, at County Properties, as your buyer’s agent I will represent you and make an appointment to see the inside.