How To Buy A HUD Home
∗ It's best to use a Realtor is familiar with the HUD process.
∗ You must be pre-approved for a mortgage before placing your bid. My team includes a Mortgage Broker who can answer any questions.
∗ Owner-occupied bidders receive the first priority.
∗ HUD offers three types of properties: FHA insurable homes, FHA insurable homes with a repair escrow and homes hat are not insurable with an FHA loan.
∗ You do not have to finance a HUD home with an FHA loan. Best to check with your Mortgage Broker to see which option is best for you to finance your new home.
∗ HUD homes are sold "as-is."
∗ Before making a bid, you must provide your Realtor with the appropriate earnest money in the form of a cashier’s check or money order.
∗ Your earnest money check should be made payable to the escrow account of your HUD registered real estate broker.