What is a HUD Home?
A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner.
Who can purchase a HUD Home?
Almost anyone! If you have the cash or can qualify for a loan (subject to
certain restrictions) you may buy a HUD Home. HUD Homes are initially
offered to owner-occupant purchasers (people who are buying the home as
their primary residence). Following the priority period for owner occupants
(30 days),unsold properties are available to all buyers, including investors.
Should I Get a Home Inspection?
HUD does not warrant the condition of its properties and will not pay for the
correction of defects or repairs. Since the new owner will be responsible for
making needed repairs, HUD strongly urges every potential homebuyer to
get a professional inspection within 15 days of accepted contract; otherwise,
cancellation due to defects will not allow return of earnest money deposit. If you
are interested in acquiring a Springfield or Southwest MO HUD Home that is in
need of repair, you may be interested in applying for an FHA 203(k) Rehabilitation
Loan. When a homebuyer wants to purchase a house in need of repair or
modernization, the borrower can get just one mortgage loan, at a long-term fixed
(or adjustable) rate, to finance both the acquisition and the
rehabilitation of the property.
What About HUD home Financing?
HUD does not provide direct financing to buyers of HUD Homes.
Buyers must obtain financing through either their own cash reserves
or a mortgage lender. If you have the necessary available cash or can
qualify for a loan (subject to certain restrictions) including providing
a pre-approval letter from your Lender you may bid on a HUD Home.
While HUD does not provide direct financing for the purchase of a
HUD Home, it may be possible for you to qualify for an FHA-insured
mortgage to finance the purchase. We can help with our lenders.
How do I see all the HUD Homes for sale in the Springfield and Southwest MO Area?
You can go to www.hudhomestore.com and see all the available properties for sale in the Springfield Missouri area.
What to do if you want to see a Springfield or Southwest MO area HUD home?
You can call Julie or Phil at 417-773-0434 or 417-230-0272 for a showing, we are available 7 days a week as a MMREM Approved HUD listing broker and can help you with any HUD home for sale.
How do I make an Offer to Buy a HUD home?
You can submit an offer on any HUD home with Julie and Phil with Realty Choice at anytime, we accept offers 24 hours a day 7 days a week. Phil and I P P
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