Hi Everyone,
Here is the juice on HUDs. HUD is the federal Dept. of Housing and Urban Development. HUD auctions off homes resulting from foreclosed FHA loans in all cities. Not just in bad areas. HUD is offering a $100 down payment plan with $2500 back towards your closing costs or repairs. This is in addition to asking for seller concessions up to 3% of the purchase price.
THIS IS HUGE ! ! On a $100,000 home you can get $5,500 back in total to help you with closing costs like:
Loan origination fees
Escrow accounts
Homeowners Insurance
Home Inspector costs
Repair escrows
And, with a full price offer, you may only need a $100 down payment. Believe me, a full price offer is a way-cheap price for these homes. If you can afford to put more down, you can even bid less than asking price. Here is the link to view HUD homes: http://mcbreo.com/st_mimain.htm - this link is inside the McBreo website and is the search page for homes. It also has links to learn more about HUD. All HUD bids must be submitted through a Realtor. That's where I come in. Browse the homes and if you see one you like, call me. I'll explain how a HUD auction can work for you.