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Buying A HUD Home Realizing the American Dream of Home-Ownership and a Presentation on how you would look for and BID on a HUD HOME Contact us at colin@dfwmetrohousing.com http://www.dfwmetrohousing.org
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This Presentation on buying a HUD Home is presented by
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The Basics of what you need to purchase a home Using an FHA Mortgage you will need 3.5% down payment ($3500 on a $100000 home) Closing costs normally range between 4.5 and 6% of the price of the home depending on Price $6000 on a $100000 Home. HUD Will assist up to a maximum of 3% towards closing costs.
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The Realtor you are working with will require you are pre-qualified before bidding Normally this will require a 620 minimum credit score and a Lenders Letter will need to be supplied
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You must work with a Registered HUD Real Estate Broker You cannot bid on your own…. You must find a REALTOR who has a NAID Number and is a HUD Selling agent or broker Just be sure they are a HUD selling agent and can bid on HUD Homes
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DFW Metro Housing Is a registered HUD Listing Agent as well as a HUD selling agent with a NAID Number
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HUD Will only assist with 3% Max in closing cost assistance You can bid whatever you wish to but please remember that HUD will only allow a maximum of 3% in closing cost assistance. Example: On a $100000 home you will need the following: $3500 down payment $5000 to $6000 in buyers closing costs Total needed to purchase a $100000 home is about $9500 Less seller CC assistance
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How to look for HUD homes on-line? Go to HudhomeStore.com
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Please go to the http://www.hudhomestore.com/
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Enter State Ciity and Zip
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Today there is only one home available in Little ELM..Click case number
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After Double clicking property case number receive this screen
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Here you can tell when the bidding starts
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When does the bidding start? In this case the bidding is daily at midnight Eligible Bi dd er s: All Bidders Bid Su b mi ss io n De ad lin e: Daily at Midnight CT Bid Su b mi ss io n Ti m e Re m ai ni ng : 2 Hours 44 Minutes
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The listing Property information and the insurability (FHA Only)
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Insurability All homes purchased with an FHA loan must pass the appraisal and be 100% FHA Insured. In this instance the home is insurable with $4840 in escrow repairs after the Appraisal. This means you would add $4840 to the loan which will be held in escrow for the needed repairs to close the loan Max $5000 under 203B
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Escrow Repairs needed will be determined after FHA Appraisal
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HUD will only allow a maximum of $5000 in repairs This is with a normal FHA loan called a 203B plus repair loan If more than $5000 is needed than we would go with a FHA 203K loan which will allow up to $30000 in repairs and escrow
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What repairs are needed and where can you find the list? Addendums
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Which report to look at: Disclosure Addendum TOP
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Disclosure addendum (TOP)
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Which report to look at: Propert Condition Report PCR
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Property Condition Report
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When you find a home that interests you we go and take a look at it and your Realtor will do the rest from there..
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When will you know? Normally I know by lunch- time on the day after the bidding ends if you have won the bid
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How long until you can close? You are given 45 days to close on a regular FHA 203B and 60 days to close on a 203K and 30 days on a cash deal. All other loans are 45 days
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Finally I hope this presentation has given you more of an idea of what is involved in buying a HUD home. Please feel free to call me 7 days a week at 972-625-2612. I will try to answer any questions you may have. You may also visit my web-site at: http://dfwmetrohousing.com/ http://dfwmetrohousing.com/203K.htm E-mail colin@dfwmetrohousing.com Thanks very much for your time, Colin Rosenthal
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Please feel free to contact me 7 days a week 972-625-2612
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