Are you searching for HUD foreclosed homes in the Washington DC area?
The task of finding foreclosed properties can be daunting. HUD foreclosed properties require you to have a HUD approved real estate agent submit bids on your behalf. You need a real estate agent who listens and understands your needs and can recommend appropriate foreclosed properties.
Most times, HUD foreclosed properties require repairs. FHA has a cap on the max dollar amount of repairs it will allow for an regular FHA loan. So if you are using an FHA backed loan, finding an appropriate HUD foreclosed property will be more challenging. For example, house A has repair cost estimated at $4,000 and the max allowable repairs is $3999, you cannot use a conventional FHA loan to purchase the property. You will have to have a conventional loan or a FHA 203 k rehabilitation loan, to complete the bidding process on the property. (Note: conventional loans may have the same stipulations as a FHA loans.) Here’s the catch, not all lenders are approved as a FHA 203 k lender. Don’t get scared or panic:
Call Kathy at 571-620-6188 first to schedule a consultation today!
It is important for your real estate agent to understand the requirements for purchasing a HUD home. Not only from the various financing options, but the bid process, inspections, and closing. A good real estate agent will work with you during the entire process and work to find solutions to problems that arise during the purchase process.
Kathy has worked with countless first time home buyers (and second and third), in not only purchasing new homes, but also properties that require rehabilitation. As your agent, she can guide your search to your future home.
If you are a teacher, firefighter, EMT, or law enforcement agent, the HUD Good Neighbor Next Door Program, may be a great option for you. Combined with a 203k loan for a cost effective home purchase.