Foreclosures and Government-Owned Properties 
Available for Re-Sale to the Public!
You can buy properties like these with incredible terms! There’s no trick! There’s no gimmick! There’s no fine print to read!

-- Program
-- United States Department of
-- Housing and Urban Development (HUD)

The Federal Housing Administration (FHA), a department of the federal government, guarantees and insures mortgage lenders in the event the buyer defaults on the mortgage loan.

When these "bad" loans are paid, the government receives the property in return. The property is then turned over to real estate brokers, for resale to the public.

Because the government does not want to retain an inventory, they offer unique programs to make these properties affordable, with incredible terms and liberal qualifying guidelines. There’s no "catch"!

HUD Properties
  1. HUD provides a new updated list each week, and they are offered over a 10-day period.
  2. All bids must be submitted electronically, through an affiliated Real Estate Broker.
  3. All bids submitted during this 10-day period are "opened" at the same time…not first come-first served.
  4. A One Thousand Dollar ($1,000.00) earnest money deposit is required with bid.
  5. Homes that fail to receive acceptable offers during this 10-day period are then available on a first-come, first-served basis.

These properties are offered for sale in "AS-IS" condition. The purchaser does have the right, within a 10- day period of bid acceptance, to have the property thoroughly inspected, at purchaser’s expense. If he decides that the subject property requires too much in the way of repairs, he has the right to cancel the contract, and receive a full refund of any deposit.

NOTE: The majority of properties sold under HUD require some cosmetic repair: carpeting, paint, appliances. If a property requires more serious repairs, they offer a special loan program (203k), where the cost of repairs can be financed in addition to the standard mortgage.
Guidelines
Owner Occupant Properties. (OOP)
3% cash down payment required at settlement.
$1,000 deposit (part of the 3% total) required upon bid submission. Typical FHA lending guidelines.
Investor Properties (IOP)
15% cash down payment.

For a Free list of the latest available properties, simply fill out the form below and e-mail to me with a click of the mouse, or you can call or fax directly. Be sure to include your phone number and fax number, if applicable. There is no obligation for this free service.

Don’t get lost in the home-buying process. We will guide you through the process step-by-step. We have sold hundreds of these homes to people just like you. And proud to say, have made friends along the way!

Veterans Administration Properties

Like HUD, the Veterans Administration (VA) also guarantees mortgages that go into default. Once the lender is made "whole", and the mortgage repaid, the VA obtains title to these properties, and they are offered for re-sale to the general public...with incredible terms.

VA offers properties to owner occupants and investors, with zero money down. There are closing costs incurred. However, imagine, as an investor, you can purchase selected properties with only 5% down payment. (NOTE: Special properties are available to all with zero money down.)

The duration of time that the newly listed properties are available is relatively short, only 5 days. All the more reason to have a capable and experienced agent on your side.

I can notify you when something that fits your needs becomes available.

Renovation Loans
Some foreclosure homes need renovations and updates. One source of funds for this is the 203K loan. In addition to fixing the necessary items, you can expand your enjoyment by having the opportunity to select the flooring, color of rooms, and kitchen cabinets or remodel the bathrooms.
 
Q  When Should They Be Used? Renovation loans are used with "As Is" sales, handyman specials, and properties that just need a little face-lift. For example, take a property that needs new carpeting, painting, and a few new plumbing fixtures. Many people are not aware that they can include the cost of those items in their loan. This helps you keep your cash after closing and still do the upgrades on the property. This is how the renovation loan works best.
Q  What properties are eligible? Eligible properties for the 203k loan would only need a minimum of $5000 in repairs, upgrades, or improvement to be 203k approved. With this in mind, buying a property in not-so-good condition but at a good price becomes manageable. Items can be flooring, windows, doors, upgraded heating systems, roofing, siding, finishing basements, kitchens, etc. The repairs are started after the loan closes.
Q  What is the Cost of the Loan? The 203k loan has no up-front MIP. The 2.25% of mortgage insurance is not charged. The loan has a work write-up fee paid to the HUD consultant and averages $400 to $700. The 203k loan usually averages about ½ percent higher than a regular FHA rate. ARMs, fixed, and buydowns are available on the 203k loan. The loan is the sales price plus repair cost wrapped into one loan. The same FHA credit guidelines apply. The customer only needs 3% down; if he uses the Neheimeh program he needs only 1% down.
Q  How long does it take to get a loan? The time frame to settle the loan is 30 to 45 days. The streamlined approach of the process is simple. We pre-qualify the client, find a property, and have a feasibility study done on the property. In a feasibility study the HUD certified consultant comes out to inspect the property and completes a cost estimate of the required items and desired items. The time line is 2-3 days to schedule the study, and it takes about 1-2 hours to do. At this stage, if it is still within the borrower’s credit limit, we move into the work write-up stage. This is the HUD package required to give the borrower the extra money to fix up the house. The work write-up stage takes 1-2 days. The next step is the appraisal, which is prepared as if the repairs are already completed. The 203k appraisal can be up to 110% of the value, which in some cases is needed. The termite inspection is completed between the feasibility study and the work write-up. The final stage is settlement.

Qualifying for a HUD Mortgage
Q How much do you qualify for in a mortgage loan?

The typical maximum monthly payment cannot exceed 30% of your gross monthly income. And, the eventual total monthly payment of Principle and Interest (P&I), plus monthly escrows for real estate taxes and insurance(s) (T&I) and homeowner’s association fee or condominium fee (HOA), together with your recurring monthly revolving debt .... cannot exceed 41% of your monthly income.

NOTE: There are certain liberal exceptions to these so-called ratio guidelines. I can, at no cost or obligation to you, get you pre-qualified.
All you have to do is call me or e-mail me, using the form here ……just fill it in, and click "submit", and I will contact you to go over your personal situation.

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