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Keith Rudge

Cell: (678) 469-4973
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Alpharetta, Johns Creek, Milton, Cumming

HUD Owned Property for sale

 

What are HUD owned homes?

www.hud.gov

HUD homes can be a very good deal. When someone with a HUD insured mortgage can't meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home. Then we sell it at market value as quickly as possible. Read all about buying a HUD home. Check our listings of HUD homes and homes being sold by other federal agencies.

How much will it cost to purchase a HUD home?

How much money will I have to come up with to buy a home?

Answer: Well, that depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money - the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house.

 
When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies. If you buy a HUD home, for example, your deposit generally will range from $500 - $2,000.

 
The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. That's why many first-time homebuyers turn to HUD's FHA for help. FHA loans require only 3% down - and sometimes less.


Closing costs - which you will pay at settlement - average 3-4% of the price of your home. These costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you won't be caught by surprise. If you buy a HUD home, HUD may pay many of your closing costs.


Fore more details about HUD homes for sale please go to the following web sites.

 

HUD Home Store

HUD Pemco

Here is a list of HUD approved lenders in Alpharetta,Ga

HUD lenders

HUD disclosure

Please contact me if you have any questions about the property you have seen online, or if you have questions about the HUD buying process.

 

Keith Rudge
Realtor
Short Sale and Foreclosure Certified
Cell: (678) 469-4973
Business Fax: (770) 783-8982
RE/MAX Prestige
3005 Old Alabama Rd Ste 70, Alpharetta, GA, 30022

 
 
 
 
 
 
 

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