100 HUD Homes
100 HUD Homes
FHA loans can only be used if you are trying to purchase your primary home, not second homes and/or investment properties. Although they are not only limited to first-time home buyers or low-income buyers like what is popularly known and there are generally no geographic restrictions. Only a few states including Colorado can provide FHA $100 HUD Home Program to its residence.
Here are the common first steps in purchasing a HUD Home. First you would have to find a HUD home in Colorado for sale. Next, you need to find a HUD-registered real estate agent. Lastly, you need to find an FHA approved lender. We can very well assist you with the contact information of all the reliable and approved lenders within Denver, Colorado area that are extremely experience in handling and closing FHA loans.
In bidding for a HUD Home in Colorado, as what is stated above, you must use a broker or agent registered with HUD to submit a bid on a property. And because we are Colorado’s first time home buyer’s expert, we’ve sold numerous HUD properties and know the system in and out. We can assist you in finding the right HUD home for you. A few things that you need to know in purchasing for a HUD Home in Colorado are placing a successful bid, bidding strategies, bidding for investors, daily bid reviews, back-up offers, counter offers, over-bidding with FHA financing, repairs and improvements and more. You came to the right place. Just contact us and you will be on your way of owning your first dream house instantly!
HUD Homes result from foreclosures on homes secured by FHA-insured mortgages. HUD homes are popular with bargain-minded investors, but for the first 10 days they’re available exclusively to bidders who will be owner-occupants. In other words, anyone who wants to buy a HUD home as their new primary residence has priority and gets the first chance to take advantage of these deals. The inventory of HUD homes changes frequently and is growing as foreclosures in Colorado become more widespread.
Before making an offer on a HUD home, the buyer must be pre-approved for the necessary loan amount. A pre-qualification letter is not acceptable. Prior to submitting an offer on a HUD home, the lender must take an official loan application, approve supporting documents, and issue a preliminary loan commitment.
Like other government loans, FHA loans can only be used to purchase a primary residence, not second homes and investment properties. But despite what some people think, FHA loans are not limited to first-time home buyers or low-income borrowers, and there are generally no geographic restrictions. The FHA $100 HUD Home Program is a special FHA program available in Colorado and a few other states.