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KNOWLEDGEFINANCIALGROUP.COM
KNOWLEDGEFINANCIALGROUP.COM
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and products.
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MORTGAGE PREQUALIFICATION
Your opinion counts, we accept suggestions to provide better quality service
and products.
We will make every effort to answer you back within 24 hours
MORTGAGE PREQUALIFICATION
GOVERNMENT HOMES AND FORECLOSURE PROPERTIES ARE AVAILABLE BELOW MARKET VALUE!
Let us help you to rich your investment goals in Real Estate, redirect your strategy, rebuild your portfolio, and redefine
your idea of wealth.
Let us help you to rich your investment goals in Real Estate, redirect your strategy, rebuild your portfolio, and redefine
your idea of wealth.
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Buying a Home
The Home Buying process can seem
complicated, but if you take things
step-by-step with a professional Realtor like
us, you will soon be holding the keys to your
own home!
Buying and selling real estate is really a
complex matter. At first it might seem that
by checking local picture books or online
sites you could quickly find the right home at
the right price.
But a basic rule in real estate is that all
properties are unique. No two properties --
even two identical models on the same
street -- are precisely and exactly alike.
Homes differ and so do contract terms,
financing options, inspection requirements
and closing costs etc. Also, no two
transactions are alike.
THE GREATEST TIME TO BUY A PROPERTY
IS: WHEN YOU'VE COMPETITIVE
PRICES,------LOW INTEREST
RATES,--------MANY CHOICES,---- BUYER'S
MARKET
CALL A PROFESSIONAL REALTOR AT:
786-709-1531--South Florida
The Home Buying process can seem
complicated, but if you take things
step-by-step with a professional Realtor like
us, you will soon be holding the keys to your
own home!
Buying and selling real estate is really a
complex matter. At first it might seem that
by checking local picture books or online
sites you could quickly find the right home at
the right price.
But a basic rule in real estate is that all
properties are unique. No two properties --
even two identical models on the same
street -- are precisely and exactly alike.
Homes differ and so do contract terms,
financing options, inspection requirements
and closing costs etc. Also, no two
transactions are alike.
THE GREATEST TIME TO BUY A PROPERTY
IS: WHEN YOU'VE COMPETITIVE
PRICES,------LOW INTEREST
RATES,--------MANY CHOICES,---- BUYER'S
MARKET
CALL A PROFESSIONAL REALTOR AT:
786-709-1531--South Florida
About Buying HUD Homes
What is a HUD Home?
A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a
foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and
offers it for sale to recover the loss on the foreclosure claim.
Who can buy a HUD Home?
Almost anyone! If you have the cash or can qualify for a loan (subject to certain
restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant
purchasers (people who are buying the home as their primary residence). Following the
priority period for owner occupants, unsold properties are available to all buyers, including
investors
How are HUD Homes sold?
All properties available for purchase by the public are offered for sale at Internet listing
sites maintained by management companies under contract to HUD. Any real estate broker
registered with HUD may submit an offer and contract to purchase on your behalf. HUD pays
the real estate broker's commission, if included in the contract.
When a HUD Home becomes available for sale, usually it is listed on the Multiple Listing
Service and on HUD's home page on the Internet. Any real estate broker who is properly
registered with HUD may submit contracts for purchase. Brokers are used because of their
expertise in the local residential real estate market and because HUD does not have
sufficient staff either to show properties to prospective buyers or to assist in those other
aspects of homebuying normally handled by brokers.
Most HUD Homes are initially offered on a priority basis to owner occupant
purchasers
Are there any special programs?
Properties in designated areas are available at a reduced sales price to law enforcement
officers, teachers, firefighters, emergency medical technicians, nonprofits and local
governments.
Should I get a home inspection?
We encourage you to get an inspection after your offer is accepted. All HUD Homes are sold
AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems.
What about financing?
Although HUD does not offer financing directly, some of our homes qualify for FHA-insured
loans. Shop around for a lender to find the best loan terms. Find out how an FHA loan can
help you.
What is a HUD Home?
A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a
foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and
offers it for sale to recover the loss on the foreclosure claim.
Who can buy a HUD Home?
Almost anyone! If you have the cash or can qualify for a loan (subject to certain
restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant
purchasers (people who are buying the home as their primary residence). Following the
priority period for owner occupants, unsold properties are available to all buyers, including
investors
How are HUD Homes sold?
All properties available for purchase by the public are offered for sale at Internet listing
sites maintained by management companies under contract to HUD. Any real estate broker
registered with HUD may submit an offer and contract to purchase on your behalf. HUD pays
the real estate broker's commission, if included in the contract.
When a HUD Home becomes available for sale, usually it is listed on the Multiple Listing
Service and on HUD's home page on the Internet. Any real estate broker who is properly
registered with HUD may submit contracts for purchase. Brokers are used because of their
expertise in the local residential real estate market and because HUD does not have
sufficient staff either to show properties to prospective buyers or to assist in those other
aspects of homebuying normally handled by brokers.
Most HUD Homes are initially offered on a priority basis to owner occupant
purchasers
Are there any special programs?
Properties in designated areas are available at a reduced sales price to law enforcement
officers, teachers, firefighters, emergency medical technicians, nonprofits and local
governments.
Should I get a home inspection?
We encourage you to get an inspection after your offer is accepted. All HUD Homes are sold
AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems.
What about financing?
Although HUD does not offer financing directly, some of our homes qualify for FHA-insured
loans. Shop around for a lender to find the best loan terms. Find out how an FHA loan can
help you.
Mortgage Loan modification
CHECKLIST -- information needed
Information about the monthly gross (before tax)
income of your household, including recent pay stubs
if you receive them or documentation of income you
receive from other sources.
Your most recent income tax return.
Information about your savings and other assets
Information about your first mortgage, such as your
monthly mortgage statement.
Information about any second mortgage or home
equity line of credit on the house.
Account balances and minimum monthly payments
due on all of your credit cards.
Account balances and monthly payments on all your
other debts such as student loans and car loans.
A letter describing any circumstances that caused
your income to be reduced or expenses to be
increased (job loss, divorce, illness, etc.) if
applicable.
CHECKLIST -- information needed
Information about the monthly gross (before tax)
income of your household, including recent pay stubs
if you receive them or documentation of income you
receive from other sources.
Your most recent income tax return.
Information about your savings and other assets
Information about your first mortgage, such as your
monthly mortgage statement.
Information about any second mortgage or home
equity line of credit on the house.
Account balances and minimum monthly payments
due on all of your credit cards.
Account balances and monthly payments on all your
other debts such as student loans and car loans.
A letter describing any circumstances that caused
your income to be reduced or expenses to be
increased (job loss, divorce, illness, etc.) if
applicable.
If you have already missed one or more mortgage
payments - contact your mortgage lender immediately
or call 1-888-995-HOPE (4673) to reach a
HUD-approved housing counselor.
HUD-approved housing counselors can help you
evaluate your income and expenses and understand
your options - and - this counseling is FREE.
How to Contact Your Mortgage Servicer
Once you have determined if you are eligible for a
Home Affordable Refinance or Modification,
the next step is to contact your mortgage servicer to
discuss your situation. A wide array of servicers have
agreed to participate in the Home Affordable
Modification program and have already engaged
borrowers and expanded capacity to begin the
modification process for eligible homeowners.
In addition, all servicers for loans owned by Fannie Mae
and Freddie Mac are required to participate.The
following is a list of servicers who have formalized their
commitment to the program through a signed contract:
Does Freddie Mac Own Your Mortgage?
Call your servicer -- the organization to which you make
your mortgage payments -- immediately if you are
having difficulty paying your mortgage on time
Does Fannie Mae Own Your Mortgage
The Fannie Mae Loan Lookup is provided as a
convenience for borrowers. Fannie Mae makes no
representation, warranty, or guarantee regarding the
accuracy or completeness of the results.
payments - contact your mortgage lender immediately
or call 1-888-995-HOPE (4673) to reach a
HUD-approved housing counselor.
HUD-approved housing counselors can help you
evaluate your income and expenses and understand
your options - and - this counseling is FREE.
How to Contact Your Mortgage Servicer
Once you have determined if you are eligible for a
Home Affordable Refinance or Modification,
the next step is to contact your mortgage servicer to
discuss your situation. A wide array of servicers have
agreed to participate in the Home Affordable
Modification program and have already engaged
borrowers and expanded capacity to begin the
modification process for eligible homeowners.
In addition, all servicers for loans owned by Fannie Mae
and Freddie Mac are required to participate.The
following is a list of servicers who have formalized their
commitment to the program through a signed contract:
Does Freddie Mac Own Your Mortgage?
Call your servicer -- the organization to which you make
your mortgage payments -- immediately if you are
having difficulty paying your mortgage on time
Does Fannie Mae Own Your Mortgage
The Fannie Mae Loan Lookup is provided as a
convenience for borrowers. Fannie Mae makes no
representation, warranty, or guarantee regarding the
accuracy or completeness of the results.
Don't Be A Victim Of Loan Fraud
Protect Yourself from Predatory Lenders
Buying or refinancing your home may be one of the most
important and complex financial decisions you'll ever
make. Many lenders, appraisers, and real estate
professionals stand ready to help you get a nice home
and a great loan. However, you need to understand the
home buying process to be a smart consumer. Every
year, misinformed homebuyers, often first-time
purchasers or seniors, become victims of predatory
lending or loan fraud.
Don't let this happen to you!
12 Important Tips On Being A Smart
Consumer...
Before you buy a home, attend a homeownership
education course offered by the U.S. Department of
Housing and Urban Development (HUD)-approved,
non-profit counseling agencies.
1-Interview several real estate professionals (agents),
and ask for and check references before you select one
to help you buy or sell a home.
2-Get information about the prices of other homes in the
neighborhood. Don't be fooled into paying too much.
Hire a properly qualified and licensed home inspector to
carefully inspect the property before you are obligated to
buy.
3-Determine whether you or the seller is going to be
responsible for paying for the repairs. If you have to pay
for the repairs, determine whether or not you can afford to
make them.
4-Shop for a lender and compare costs. Be suspicious if
anyone tries to steer you to just one lender.
5-Do NOT let anyone persuade you to make a false
statement on your loan application, such as overstating
your income, the source of your downpayment, failing to
disclose the nature and amount of your debts, or even
how long you have been employed.
6-When you apply for a mortgage loan, every piece of
information that you submit must be accurate and
complete.
7-Lying on a mortgage application is fraud and may result
in criminal penalties.
8-Do NOT let anyone convince you to borrow more money
than you know you can afford to repay. If you get behind
on your payments, you risk losing your house and all of
the money you put into your property.
9-Never sign a blank document or a document containing
blanks. If information is inserted by someone else after
you have signed, you may still be bound to the terms of
the contract. Insert "N/A" (i.e., not applicable) or cross
through any blanks.
10-Read everything carefully and ask questions. Do not
sign anything that you don't understand.
Before signing, have your contract and loan agreement
reviewed by an attorney skilled in real estate law,
consult with a trusted real estate professional or ask for
help from a housing counselor with a HUD-approved
agency.
If you cannot afford an attorney, take your documents to
the HUD-approved housing counseling agency near you
to find out if they will review the documents or can refer
you to an attorney who will help you for free or at low
cost.
11-Be suspicious when the cost of a home improvement
goes up if you don't accept the contractor's financing.
12-Be honest about your intention to occupy the house.
Stating that you plan to live there when, in fact, you are
not (because you intend to rent the house to someone
else or fix it up and resell it) violates federal law and is a
crime.
Protect Yourself from Predatory Lenders
Buying or refinancing your home may be one of the most
important and complex financial decisions you'll ever
make. Many lenders, appraisers, and real estate
professionals stand ready to help you get a nice home
and a great loan. However, you need to understand the
home buying process to be a smart consumer. Every
year, misinformed homebuyers, often first-time
purchasers or seniors, become victims of predatory
lending or loan fraud.
Don't let this happen to you!
12 Important Tips On Being A Smart
Consumer...
Before you buy a home, attend a homeownership
education course offered by the U.S. Department of
Housing and Urban Development (HUD)-approved,
non-profit counseling agencies.
1-Interview several real estate professionals (agents),
and ask for and check references before you select one
to help you buy or sell a home.
2-Get information about the prices of other homes in the
neighborhood. Don't be fooled into paying too much.
Hire a properly qualified and licensed home inspector to
carefully inspect the property before you are obligated to
buy.
3-Determine whether you or the seller is going to be
responsible for paying for the repairs. If you have to pay
for the repairs, determine whether or not you can afford to
make them.
4-Shop for a lender and compare costs. Be suspicious if
anyone tries to steer you to just one lender.
5-Do NOT let anyone persuade you to make a false
statement on your loan application, such as overstating
your income, the source of your downpayment, failing to
disclose the nature and amount of your debts, or even
how long you have been employed.
6-When you apply for a mortgage loan, every piece of
information that you submit must be accurate and
complete.
7-Lying on a mortgage application is fraud and may result
in criminal penalties.
8-Do NOT let anyone convince you to borrow more money
than you know you can afford to repay. If you get behind
on your payments, you risk losing your house and all of
the money you put into your property.
9-Never sign a blank document or a document containing
blanks. If information is inserted by someone else after
you have signed, you may still be bound to the terms of
the contract. Insert "N/A" (i.e., not applicable) or cross
through any blanks.
10-Read everything carefully and ask questions. Do not
sign anything that you don't understand.
Before signing, have your contract and loan agreement
reviewed by an attorney skilled in real estate law,
consult with a trusted real estate professional or ask for
help from a housing counselor with a HUD-approved
agency.
If you cannot afford an attorney, take your documents to
the HUD-approved housing counseling agency near you
to find out if they will review the documents or can refer
you to an attorney who will help you for free or at low
cost.
11-Be suspicious when the cost of a home improvement
goes up if you don't accept the contractor's financing.
12-Be honest about your intention to occupy the house.
Stating that you plan to live there when, in fact, you are
not (because you intend to rent the house to someone
else or fix it up and resell it) violates federal law and is a
crime.
What is Predatory Lending?
In communities across America, people are losing their
homes and their investments because of predatory
lenders, appraisers, mortgage brokers and home
improvement contractors who:
Sell properties for much more than they are worth using
false appraisals.
Encourage borrowers to lie about their income,
expenses, or cash available for downpayments in order
to get a loan.
Knowingly lend more money than a borrower can afford
to repay.
Charge high interest rates to borrowers based on their
race or national origin and not on their credit history.
Charge fees for unnecessary or nonexistent products and
services.
Pressure borrowers to accept higher-risk loans such as
balloon loans, interest only payments, and steep
pre-payment penalties.
Target vulnerable borrowers to cash-out refinances
offers when they know borrowers are in need of cash
due to medical, unemployment or debt problems.
"Strip" homeowners' equity from their homes by
convincing them to refinance again and again when there
is no benefit to the borrower.
Use high pressure sales tactics to sell home
improvements and then finance them at high interest
rates.
What Tactics Do Predators Use?
A lender or investor tells you that they are your only
chance of getting a loan or owning a home. You should
be able to take your time to shop around and compare
prices and houses.
The house you are buying costs a lot more than other
homes in the neighborhood, but isn't any bigger or better.
You are asked to sign a sales contract or loan
documents that are blank or that contain information
which is not true.
You are told that the Federal Housing Administration
insurance protects you against property defects or loan
fraud - it does not.
The cost or loan terms at closing are not what you agreed
to.
You are told that refinancing can solve your credit or
money problems.
You are told that you can only get a good deal on a home
improvement if you finance it with a particular lender.
In communities across America, people are losing their
homes and their investments because of predatory
lenders, appraisers, mortgage brokers and home
improvement contractors who:
Sell properties for much more than they are worth using
false appraisals.
Encourage borrowers to lie about their income,
expenses, or cash available for downpayments in order
to get a loan.
Knowingly lend more money than a borrower can afford
to repay.
Charge high interest rates to borrowers based on their
race or national origin and not on their credit history.
Charge fees for unnecessary or nonexistent products and
services.
Pressure borrowers to accept higher-risk loans such as
balloon loans, interest only payments, and steep
pre-payment penalties.
Target vulnerable borrowers to cash-out refinances
offers when they know borrowers are in need of cash
due to medical, unemployment or debt problems.
"Strip" homeowners' equity from their homes by
convincing them to refinance again and again when there
is no benefit to the borrower.
Use high pressure sales tactics to sell home
improvements and then finance them at high interest
rates.
What Tactics Do Predators Use?
A lender or investor tells you that they are your only
chance of getting a loan or owning a home. You should
be able to take your time to shop around and compare
prices and houses.
The house you are buying costs a lot more than other
homes in the neighborhood, but isn't any bigger or better.
You are asked to sign a sales contract or loan
documents that are blank or that contain information
which is not true.
You are told that the Federal Housing Administration
insurance protects you against property defects or loan
fraud - it does not.
The cost or loan terms at closing are not what you agreed
to.
You are told that refinancing can solve your credit or
money problems.
You are told that you can only get a good deal on a home
improvement if you finance it with a particular lender.
WHAT GUIDELINES ARE REQUIRED FOR A MORTGAGE LOAN?
Mortgages are used by individuals and businesses wishing to make large value
purchase of real estate without payment the entire value of the purchase up front.
Mortgages are also known as lien against property, or claims on property. Mortgage is a
legal agreement that creates an interest in a real estate property between borrower and
the lender.
HOW TO UNDERSTAND THE HOME LOAN PROCESS?
Understand that in order to finance or refinance a loan the lender requires
documentation to verify and substantiate your employment, credit and financial situation
to assure its investors
that you have the ability to repay the MONEY
HOME REFINANCING: 10 GREAT REASONS TO REFINANCE A PROPERTY. NOW IT'S THE
BEST TIME FOR REFINANCING, THE INTEREST RATE IS VERY LOW.
MORTGAGE LOAN MODIFICATION PROGRAMS; AN ALTERNATIVE TO REDUCE
MONTHLY MORTGAGE PAYMENT, TO AVOID FORECLOSURE, TO SAVE YOUR CREDIT
RATING, TO SAVE YOUR PROPERTY.
REVERSE MORTGAGE
NO MORTGAGE PAYMENTS EVER AGAIN: IF YOU OWNED A HOME AS YOUR
PERSONAL RESIDENCE.
TO IMPROVE YOUR QUALITY OF LIFE AND LIVE WITH NO STRESS!
IF YOU'RE 62 YEARS OF AGE OR OLDER, YOU CAN ACHIEVE THIS, THROUGH A
REVERSE MORTGAGE, REGULATED BY THE U.S. GOVERNMENT.
FINANCING YOUR REAL ESTATE INVESTMENT; BUYING YOUR FIRST, SECOND, AND OR
THIRD PROPERTY. HOW AND WHERE TO FIND MONEY? CLICK RIGHT HERE!
FHA: F H A MORTGAGE LOANS, THE GOVERNMENT IS THERE TO HELP YOU PURCHASE
YOUR HOME. PLEASE CONTACT US WE WILL SHOW YOU THE WAY .
MORTGAGE LOAN PRE-QUALIFICATION, LOW INTEREST RATES,
8 Reasons to Get Pre-Approved for a Home Loan
Learn why pre-approval is one of the smartest moves you can make when shopping for
a home
Subprime Mortgage
 A type of mortgage that is normally made out to borrowers with lower credit
ratings. As a result of the borrower's lowered credit rating, a conventional mortgage is
not offered because the lender views the borrower as having a larger-than-average risk
of defaulting on the loan.
FINANCING YOUR REAL ESTATE INVESTMENT; BUYING YOUR FIRST, SECOND, AND OR
THIRD PROPERTY. HOW AND WHERE TO FIND MONEY? CLICK RIGHT HERE!
RENTAL PROPERTY / COMMERCIAL REAL ESTATE / COMMERCIAL LEASE Tips for
Making Solid Business Agreements and Contracts
Mortgages are used by individuals and businesses wishing to make large value
purchase of real estate without payment the entire value of the purchase up front.
Mortgages are also known as lien against property, or claims on property. Mortgage is a
legal agreement that creates an interest in a real estate property between borrower and
the lender.
HOW TO UNDERSTAND THE HOME LOAN PROCESS?
Understand that in order to finance or refinance a loan the lender requires
documentation to verify and substantiate your employment, credit and financial situation
to assure its investors
that you have the ability to repay the MONEY
HOME REFINANCING: 10 GREAT REASONS TO REFINANCE A PROPERTY. NOW IT'S THE
BEST TIME FOR REFINANCING, THE INTEREST RATE IS VERY LOW.
MORTGAGE LOAN MODIFICATION PROGRAMS; AN ALTERNATIVE TO REDUCE
MONTHLY MORTGAGE PAYMENT, TO AVOID FORECLOSURE, TO SAVE YOUR CREDIT
RATING, TO SAVE YOUR PROPERTY.
REVERSE MORTGAGE
NO MORTGAGE PAYMENTS EVER AGAIN: IF YOU OWNED A HOME AS YOUR
PERSONAL RESIDENCE.
TO IMPROVE YOUR QUALITY OF LIFE AND LIVE WITH NO STRESS!
IF YOU'RE 62 YEARS OF AGE OR OLDER, YOU CAN ACHIEVE THIS, THROUGH A
REVERSE MORTGAGE, REGULATED BY THE U.S. GOVERNMENT.
FINANCING YOUR REAL ESTATE INVESTMENT; BUYING YOUR FIRST, SECOND, AND OR
THIRD PROPERTY. HOW AND WHERE TO FIND MONEY? CLICK RIGHT HERE!
FHA: F H A MORTGAGE LOANS, THE GOVERNMENT IS THERE TO HELP YOU PURCHASE
YOUR HOME. PLEASE CONTACT US WE WILL SHOW YOU THE WAY .
MORTGAGE LOAN PRE-QUALIFICATION, LOW INTEREST RATES,
8 Reasons to Get Pre-Approved for a Home Loan
Learn why pre-approval is one of the smartest moves you can make when shopping for
a home
Subprime Mortgage
 A type of mortgage that is normally made out to borrowers with lower credit
ratings. As a result of the borrower's lowered credit rating, a conventional mortgage is
not offered because the lender views the borrower as having a larger-than-average risk
of defaulting on the loan.
FINANCING YOUR REAL ESTATE INVESTMENT; BUYING YOUR FIRST, SECOND, AND OR
THIRD PROPERTY. HOW AND WHERE TO FIND MONEY? CLICK RIGHT HERE!
RENTAL PROPERTY / COMMERCIAL REAL ESTATE / COMMERCIAL LEASE Tips for
Making Solid Business Agreements and Contracts
REAL ESTATE FOR SALE, SEE THE ACTUAL LISTINGS NOW!
Search for more properties in any city Right Here, Right Now!
Fast, Easy and Simple. Click Here to Search!
REAL ESTATE FOR SALE AT Low Prices, Below Market Value,
Low Interest rates.
FIND HOMES FOR SALE!. SINGLE & MULTI-FAMILY HERE!
SEARCH FOR CONDOMINIUM, APARTMENTS
SEARCH FOR COMMERCIAL PROPERTIES RIGHT HERE!
SEARCH FOR WATERFRONT PROPERTIES
Motivated Sellers; Selling at Unbelievable Prices... LOOK
FOR, FOR SALE PROPERTIES HERE!
Live Your Dream
Search it, Find it, Learn about it, Negotiate it, Buy it.
Obtain and retain our contact information to further assist
you.! Click Here to contact us & get immediate help! We're
Licensed Realtor & Licensed Mortgage Broker.
Search for more properties in any city Right Here, Right Now!
Fast, Easy and Simple. Click Here to Search!
REAL ESTATE FOR SALE AT Low Prices, Below Market Value,
Low Interest rates.
FIND HOMES FOR SALE!. SINGLE & MULTI-FAMILY HERE!
SEARCH FOR CONDOMINIUM, APARTMENTS
SEARCH FOR COMMERCIAL PROPERTIES RIGHT HERE!
SEARCH FOR WATERFRONT PROPERTIES
Motivated Sellers; Selling at Unbelievable Prices... LOOK
FOR, FOR SALE PROPERTIES HERE!
Live Your Dream
Search it, Find it, Learn about it, Negotiate it, Buy it.
Obtain and retain our contact information to further assist
you.! Click Here to contact us & get immediate help! We're
Licensed Realtor & Licensed Mortgage Broker.
| GOVERNMENTS GENERAL INFORMATION CENTER: MIAMI DADE COUNTY, BROWARD COUNTY, MONROE COUNTY, PALM BEACH COUNTY, STATE OF FLORIDA AND THE U.S. FEDERAL GOVERNMENT. You name it, You get it You need it, You find You want it, Search for it! |
My Blog - The Most Interesting Blog
FREE SEARCH: A better way to search for real estate.
Motivated Sellers; Selling at Unbelievable Prices.
Search now!
See available listings here. Great properties, in Great
location for Great prices!
FREE: How to find money, subsidy, grants, low-interest
loans to pay for closing costs, down-payment from cities
& counties of Miami Dade & Broward. And other benefits
from States & Federal government
FREE: Commercial Real Estate: 20 Most important
things you must know before investing in commercial
real estate
FREE: Important Tips for first time home buyers: 24
Solid things to know & things to do before purchase a
real estate property
FREE -- How to become a better condos buyers? 12
Most important things to know before buying a
condominium!
FREE: 10 Reliable things every real estate remodeling
contract should have.
FREE: GOVERNMENTS GENERAL INFORMATION
CENTER: MIAMI DADE COUNTY, BROWARD COUNTY,
MONROE COUNTY, PALM BEACH COUNTY, STATE OF
FLORIDA AND THE U.S. FEDERAL GOVERNMENT.
You name it, You get it
You need it, You find
You want it, Search for it!
FREE SEARCH: A better way to search for real estate.
Motivated Sellers; Selling at Unbelievable Prices.
Search now!
See available listings here. Great properties, in Great
location for Great prices!
FREE: How to find money, subsidy, grants, low-interest
loans to pay for closing costs, down-payment from cities
& counties of Miami Dade & Broward. And other benefits
from States & Federal government
FREE: Commercial Real Estate: 20 Most important
things you must know before investing in commercial
real estate
FREE: Important Tips for first time home buyers: 24
Solid things to know & things to do before purchase a
real estate property
FREE -- How to become a better condos buyers? 12
Most important things to know before buying a
condominium!
FREE: 10 Reliable things every real estate remodeling
contract should have.
FREE: GOVERNMENTS GENERAL INFORMATION
CENTER: MIAMI DADE COUNTY, BROWARD COUNTY,
MONROE COUNTY, PALM BEACH COUNTY, STATE OF
FLORIDA AND THE U.S. FEDERAL GOVERNMENT.
You name it, You get it
You need it, You find
You want it, Search for it!
Custom Search
Custom Search
Let FHA Loans Help You Buy your Home
FHA loans have been helping people become
homeowners since 1934. How do we do it?
The Federal Housing Administration (FHA) –
which is part of HUD – insures the loan, so
your lender can offer you a better deal.
Low down payments
Low closing costs
Easy credit qualifying
Need help with your down-payment?
State and local governments offer programs
that can help.
Find a program near you.
KNOWLEDGE FINANCIAL
----------------------------------------------------
Refinancing Your Home
Sometimes, refinancing your mortgage can
really save you money.
You may be able to pay less interest, lower
your monthly payment, or convert from a 30-
year loan to a 15-year loan (and build your
equity faster!).
FHA loans have been helping people become
homeowners since 1934. How do we do it?
The Federal Housing Administration (FHA) –
which is part of HUD – insures the loan, so
your lender can offer you a better deal.
Low down payments
Low closing costs
Easy credit qualifying
Need help with your down-payment?
State and local governments offer programs
that can help.
Find a program near you.
KNOWLEDGE FINANCIAL
----------------------------------------------------
Refinancing Your Home
Sometimes, refinancing your mortgage can
really save you money.
You may be able to pay less interest, lower
your monthly payment, or convert from a 30-
year loan to a 15-year loan (and build your
equity faster!).
What does FHA have for you?
To provide mortgage insurance for a person
to purchase or refinance a principal
residence. The mortgage loan is funded by
a lending institution, such as a mortgage
company, bank, savings and loan
association and the mortgage is insured by
HUD.
------------------------------------------------------------------
What are the eligibility requirements?
The borrower must meet standard FHA
credit qualifications. The borrower is
eligible for approximately 97% financing.
The borrower is able to finance the upfront
mortgage insurance premium into the
mortgage.
The borrower will also be responsible for
paying an annual premium.
Eligible properties are one-to-four unit
structures.
To learn more about FHA mortgage loans:
CALL Mr. ANTONY, A FLORIDA LICENSED
MORTGAGE BROKER AT: 786-70-1531
To provide mortgage insurance for a person
to purchase or refinance a principal
residence. The mortgage loan is funded by
a lending institution, such as a mortgage
company, bank, savings and loan
association and the mortgage is insured by
HUD.
------------------------------------------------------------------
What are the eligibility requirements?
The borrower must meet standard FHA
credit qualifications. The borrower is
eligible for approximately 97% financing.
The borrower is able to finance the upfront
mortgage insurance premium into the
mortgage.
The borrower will also be responsible for
paying an annual premium.
Eligible properties are one-to-four unit
structures.
To learn more about FHA mortgage loans:
CALL Mr. ANTONY, A FLORIDA LICENSED
MORTGAGE BROKER AT: 786-70-1531
.
Financial help for seniors
Are you 62 or older? Do you live in
your home?
Do you own it outright or have a low
loan balance? If you can answer "yes"
to all of these questions, then the FHA
Reverse Mortgage might be right for
you. It lets you convert a portion of
your equity into cash.
Reverse mortgages are becoming
popular in America. HUD's Federal
Housing Administration (FHA) created
one of the first.
The Home Equity Conversion
Mortgage (HECM) is FHA's reverse
mortgage program which enables
you to withdraw some of the equity in
your home.
The HECM is a safe plan that can give
older Americans greater financial
security. Many seniors use it to
supplement social security, meet
unexpected medical expenses, make
home improvements and more.
You can receive free information
about reverse mortgages in general
by calling AARP toll free at (800)
209-8085 .
Since your home is probably your
largest single investment, it's smart to
know more about reverse mortgages,
and decide if one is right for you
Top Ten Things to Know if You're
Interested in a Reverse Mortgage
Financial help for seniors
Are you 62 or older? Do you live in
your home?
Do you own it outright or have a low
loan balance? If you can answer "yes"
to all of these questions, then the FHA
Reverse Mortgage might be right for
you. It lets you convert a portion of
your equity into cash.
Reverse mortgages are becoming
popular in America. HUD's Federal
Housing Administration (FHA) created
one of the first.
The Home Equity Conversion
Mortgage (HECM) is FHA's reverse
mortgage program which enables
you to withdraw some of the equity in
your home.
The HECM is a safe plan that can give
older Americans greater financial
security. Many seniors use it to
supplement social security, meet
unexpected medical expenses, make
home improvements and more.
You can receive free information
about reverse mortgages in general
by calling AARP toll free at (800)
209-8085 .
Since your home is probably your
largest single investment, it's smart to
know more about reverse mortgages,
and decide if one is right for you
Top Ten Things to Know if You're
Interested in a Reverse Mortgage
First Time Home Buyer
Grants in Florida
Complete Florida First Time Home Buyer Grant Information.
Are you thinking of buying your first home in Florida? Would you like a free gift of money to help you purchase that
first home?
If you answered yes to these two questions, there is great news for you. The state of Florida provides free money for its
residents who are first time home buyers and need help with the down payment and closing costs.
This money comes in the form of state grants. This is free money that shouldn't be passed up! The grant awards can
be in the thousands of dollars.
It will be well worth your time to educate yourself about the first time home buyer grant programs that the State of
Florida provides.
Florida First Time Home Buyer Grants
The agency in Florida that provides assistance to first time home buyers is The Florida Housing and Community
Development.
There are several first time home buyer grants available, depending upon the program and your income. To find out
which grant programs you may qualify for, please visit the Florida Housing and Community Development
Grants in Florida
Complete Florida First Time Home Buyer Grant Information.
Are you thinking of buying your first home in Florida? Would you like a free gift of money to help you purchase that
first home?
If you answered yes to these two questions, there is great news for you. The state of Florida provides free money for its
residents who are first time home buyers and need help with the down payment and closing costs.
This money comes in the form of state grants. This is free money that shouldn't be passed up! The grant awards can
be in the thousands of dollars.
It will be well worth your time to educate yourself about the first time home buyer grant programs that the State of
Florida provides.
Florida First Time Home Buyer Grants
The agency in Florida that provides assistance to first time home buyers is The Florida Housing and Community
Development.
There are several first time home buyer grants available, depending upon the program and your income. To find out
which grant programs you may qualify for, please visit the Florida Housing and Community Development
Federal First Time Home Buyer Grants
Besides the state programs, there are federal funds and grants available to first time home buyers in Florida through the
Homes and Communities program of the United States Department of Housing and Urban Development.
On their website you'll find complete grant information, application forms, description of available funds, as well as
many other helpful tools.
Every potential first time home buyer should investigate what they have to offer. You can visit the website by going here:
US Dept. of Housing and Urban Development. Also, there is a website that has a complete list of all grant programs
available through the United States Federal Government:
First time home buyers should plan to spend the required time investigating to determine how many individual grants
they may qualify for.
Besides the state programs, there are federal funds and grants available to first time home buyers in Florida through the
Homes and Communities program of the United States Department of Housing and Urban Development.
On their website you'll find complete grant information, application forms, description of available funds, as well as
many other helpful tools.
Every potential first time home buyer should investigate what they have to offer. You can visit the website by going here:
US Dept. of Housing and Urban Development. Also, there is a website that has a complete list of all grant programs
available through the United States Federal Government:
First time home buyers should plan to spend the required time investigating to determine how many individual grants
they may qualify for.
There are also these local first time home buyer programs:
Alachula County State Housing Initiatives Partnership Program (SHIP) (352) 374-5249
Baker County- State Housing Initiatives Partnership (SHIP) (904) 259-3613
Bay County State Housing Initiatives Partnership Program (SHIP) (850) 234-6358
Boca Raton State Housing Initiatives Partnership Homebuyer Assistance Program (SHIP)
(561) 393-7758
Bonita Springs Area Housing Development Corporation- SHIP Down Payment / Closing Cost
Assistance (SHIP) (239) 652-7938
Bradenton Housing Assistance Program (HAP) (941) 714-7509
Brevard County First Time Home Buyer Program (321) 633-2075
Cape Coral Down Payment Assistance Program (DPAP) (239) 573-1222
Citrus County SHIP Down payment Closing Costs Assistance Program (DCCAP) (352)
527-5377
Clearwater Down Payment/Closing Cost Assistance Program (DPCCA) (727) 562-4030
Columbia County State Housing Initiatives Partnership Program (SHIP) (386) 362-4115
Deltona SHIP Purchase Assistance Program (386) 561-2200
DeSoto County State Housing Initiative Program (SHIP) (863) 993-4858
Escambia County- SHIP Affordable Housing Initiative Program New Construction (AHIP)
(850) 458-0464
Flagler County State Housing Initiatives Partnership Program (SHIP) (386) 437-7484
Gainesville Central Florida Community Action Agency, Inc. HOME Purchase Deferred Grant
Assistance Program (HOME) (352) 373-7667
Gainesville Neighborhood Housing & Development Corporation (NHDC) HOME Subsidy Program
(HSP) (352) 380-9112
Gainesville SHIP Down payment Assistance Program (SHIP) (352) 334-5026
Hardee County, State Housing Initiatives Partnership Home Ownership Assistance Program
(SHIP) (863) 773-6349
Hendry County State Housing Initiative Partnership Program (SHIP) (863) 675-5297
Hernando County SHIP Down Payment Assistance Program (DPAP) (352) 754-4160
Hillsborough County Heritage Housing Inc First Time Homebuyer Program (FTHP) (813)
961-5990
Hillsborough County Housing & Education Alliance First Time Homebuyers Program (813)
744-5557
Hillsborough County Tampa Bay CDC Assistance Program (AP) (813) 744-5557
Lakeland Keystone Challenge Fund Inc State Housing Initiatives Partnership Program
(SHIP) (863) 682-1025
Lee County SHIP Down Payment/Closing Cost Assistance (239) 652-7938
Levy County SHIP Purchase Assistance (SHIP) (352) 486-5268
Manatee County Infill Assistance Program (941) 749-3030
Manatee County SHIP Down Payment & Closing Cost Assistance Program (DAP) (941)
749-3030
Melbourne Purchase Assistance Program (PAP) (321) 253-0053
Monroe County First Time Homebuyer Program (SHIP) (305) 292-1221
Multi County Autographed Book Give-Away for Inner City Youth Inc Affordable Housing
Program (407) 426-8597
Multi County Clearwater Neighborhood Housing Services, Inc. Down Payment Assistance Program
(DPAP) (727) 442-4155
Okaloosa County Okaloosa Community Development Corporation Down Payment/Closing Cost
Assistance Program (850) 651-7376
Okeechobee County State Housing Initiatives Partnership Program (SHIP) (863)
763-6731
Orange County Down Payment Assistance Program (DPAP) (407) 836-4240
Orlando Down payment Assistance Program (DAP) (407) 246-2708
Osceola County State Housing Initiatives Partnership Housing Assistance Program (SHIP)
(407) 343-3105
Palm Bay Down Payment Assistance Program (DPAP) (321) 409-8181
Palm Beach County Hardship "B" Second Mortgage Subsidy Program (SMS) (561)
233-3650
Pasco County Homebuyer Assistance Program (HAP) (813) 847-8970
Pinellas CountyTampa Bay Community Development Corporation Homeownership Assistance
Program (HAP) (727) 442-7075
Polk County Keystone Challenge Fund Inc State Housing Initiatives Partnership Program
(SHIP) (863) 682-1025
Santa Rosa County SHIP Deferred Program Loan (850) 595-8910
Sarasota County Down Payment Assistance Program (DPAP) (941) 951-3640
St. Cloud Deer Creek Subdivision Affordable Housing Program (AHP) (850) 488-4197
St. Cloud Deer Creek Subdivision HOME Ownership Program (HOME) (850) 488-4197
St. Petersburg Hope VI Program (HVI) (727) 893-7615
St. Petersburg W.I.N Homebuyers Down payment & Closing Cost Assistance Program (WIN)
(727) 893-7247
Tampa Deferred Payment Loan (DPL) (813) 274-7977
Union County Suwannee River Economic Council Inc SHIP Program (SHIP) (386)
362-4115
Volusia County State Housing Initiatives Partnership Down Payment Assistance Program
(SHIP) (386) 736-5955
Winterhaven Keystone Challenge Fund Inc State Housing Initiatives Partnership Program
(SHIP) (863) 682-1025
Alachula County State Housing Initiatives Partnership Program (SHIP) (352) 374-5249
Baker County- State Housing Initiatives Partnership (SHIP) (904) 259-3613
Bay County State Housing Initiatives Partnership Program (SHIP) (850) 234-6358
Boca Raton State Housing Initiatives Partnership Homebuyer Assistance Program (SHIP)
(561) 393-7758
Bonita Springs Area Housing Development Corporation- SHIP Down Payment / Closing Cost
Assistance (SHIP) (239) 652-7938
Bradenton Housing Assistance Program (HAP) (941) 714-7509
Brevard County First Time Home Buyer Program (321) 633-2075
Cape Coral Down Payment Assistance Program (DPAP) (239) 573-1222
Citrus County SHIP Down payment Closing Costs Assistance Program (DCCAP) (352)
527-5377
Clearwater Down Payment/Closing Cost Assistance Program (DPCCA) (727) 562-4030
Columbia County State Housing Initiatives Partnership Program (SHIP) (386) 362-4115
Deltona SHIP Purchase Assistance Program (386) 561-2200
DeSoto County State Housing Initiative Program (SHIP) (863) 993-4858
Escambia County- SHIP Affordable Housing Initiative Program New Construction (AHIP)
(850) 458-0464
Flagler County State Housing Initiatives Partnership Program (SHIP) (386) 437-7484
Gainesville Central Florida Community Action Agency, Inc. HOME Purchase Deferred Grant
Assistance Program (HOME) (352) 373-7667
Gainesville Neighborhood Housing & Development Corporation (NHDC) HOME Subsidy Program
(HSP) (352) 380-9112
Gainesville SHIP Down payment Assistance Program (SHIP) (352) 334-5026
Hardee County, State Housing Initiatives Partnership Home Ownership Assistance Program
(SHIP) (863) 773-6349
Hendry County State Housing Initiative Partnership Program (SHIP) (863) 675-5297
Hernando County SHIP Down Payment Assistance Program (DPAP) (352) 754-4160
Hillsborough County Heritage Housing Inc First Time Homebuyer Program (FTHP) (813)
961-5990
Hillsborough County Housing & Education Alliance First Time Homebuyers Program (813)
744-5557
Hillsborough County Tampa Bay CDC Assistance Program (AP) (813) 744-5557
Lakeland Keystone Challenge Fund Inc State Housing Initiatives Partnership Program
(SHIP) (863) 682-1025
Lee County SHIP Down Payment/Closing Cost Assistance (239) 652-7938
Levy County SHIP Purchase Assistance (SHIP) (352) 486-5268
Manatee County Infill Assistance Program (941) 749-3030
Manatee County SHIP Down Payment & Closing Cost Assistance Program (DAP) (941)
749-3030
Melbourne Purchase Assistance Program (PAP) (321) 253-0053
Monroe County First Time Homebuyer Program (SHIP) (305) 292-1221
Multi County Autographed Book Give-Away for Inner City Youth Inc Affordable Housing
Program (407) 426-8597
Multi County Clearwater Neighborhood Housing Services, Inc. Down Payment Assistance Program
(DPAP) (727) 442-4155
Okaloosa County Okaloosa Community Development Corporation Down Payment/Closing Cost
Assistance Program (850) 651-7376
Okeechobee County State Housing Initiatives Partnership Program (SHIP) (863)
763-6731
Orange County Down Payment Assistance Program (DPAP) (407) 836-4240
Orlando Down payment Assistance Program (DAP) (407) 246-2708
Osceola County State Housing Initiatives Partnership Housing Assistance Program (SHIP)
(407) 343-3105
Palm Bay Down Payment Assistance Program (DPAP) (321) 409-8181
Palm Beach County Hardship "B" Second Mortgage Subsidy Program (SMS) (561)
233-3650
Pasco County Homebuyer Assistance Program (HAP) (813) 847-8970
Pinellas CountyTampa Bay Community Development Corporation Homeownership Assistance
Program (HAP) (727) 442-7075
Polk County Keystone Challenge Fund Inc State Housing Initiatives Partnership Program
(SHIP) (863) 682-1025
Santa Rosa County SHIP Deferred Program Loan (850) 595-8910
Sarasota County Down Payment Assistance Program (DPAP) (941) 951-3640
St. Cloud Deer Creek Subdivision Affordable Housing Program (AHP) (850) 488-4197
St. Cloud Deer Creek Subdivision HOME Ownership Program (HOME) (850) 488-4197
St. Petersburg Hope VI Program (HVI) (727) 893-7615
St. Petersburg W.I.N Homebuyers Down payment & Closing Cost Assistance Program (WIN)
(727) 893-7247
Tampa Deferred Payment Loan (DPL) (813) 274-7977
Union County Suwannee River Economic Council Inc SHIP Program (SHIP) (386)
362-4115
Volusia County State Housing Initiatives Partnership Down Payment Assistance Program
(SHIP) (386) 736-5955
Winterhaven Keystone Challenge Fund Inc State Housing Initiatives Partnership Program
(SHIP) (863) 682-1025
Learn the basics of personal finance at
the U.S. government's
My Money
Study basic finance at your own pace
with free, Web-based lessons from the
Fed Money Smart program.
Build better credit with guidance
the U.S. government's
My Money
Study basic finance at your own pace
with free, Web-based lessons from the
Fed Money Smart program.
Build better credit with guidance
Do you want to learn how to save, invest,
and manage your money better?
MyMoney can help you.
A U.S. Government's website dedicated to
teaching all Americans the basics about
financial education.
Whether you are planning to buy a home,
balancing your checkbook, or investing.
The resources on site can help you do it
better.
Throughout the site, you will find important
information from 20 federal agencies
government wide.
Learn the basics of personal finance at the
U.S. government's
My Money
Study basic finance at your own pace
with free, Web-based lessons from
the Fed Money Smart program.
Build better credit with guidance
and manage your money better?
MyMoney can help you.
A U.S. Government's website dedicated to
teaching all Americans the basics about
financial education.
Whether you are planning to buy a home,
balancing your checkbook, or investing.
The resources on site can help you do it
better.
Throughout the site, you will find important
information from 20 federal agencies
government wide.
Learn the basics of personal finance at the
U.S. government's
My Money
Study basic finance at your own pace
with free, Web-based lessons from
the Fed Money Smart program.
Build better credit with guidance
Worried About Foreclosure?
If you feel like you may be in danger of facing foreclosure, the time to
call 888-995-HOPE™ is now - the Homeowner's HOPE™ Hotline, a
counseling service provided by the Homeownership Preservation
Foundation, can work with you to find a solution. The sooner you call,
the sooner you can regain your peace of mind. Remember, you're not
alone. Millions of people across the United States have trouble with their
mortgage every year. Since 2002, we have provided answers, education
and counseling to more than 2.2 million homeowners.
Concerned About Your Existing Mortgage?
We Can Help
Through our 888-995-HOPE™ Hotline, the Homeownership Preservation
Foundation can provide answers, connection to a counselor, and
comprehensive telephone counseling to help homeowners avoid
foreclosure. We are an independent nonprofit that provides counselors
from HUD-approved agencies dedicated to helping homeowners.
The help we offer is free.
Our counselors are experts in foreclosure prevention and trained to set
up a plan of action designed just for you and your situation. When you
talk to us, you won't be judged and you won't pay a dime. That's
because we don't just offer general advice - we help you take action.
Counselors will arm you with education and support that assists you in
overcoming immediate financial issues...at no cost to you.
If you feel like you may be in danger of facing foreclosure, the time to
call 888-995-HOPE™ is now - the Homeowner's HOPE™ Hotline, a
counseling service provided by the Homeownership Preservation
Foundation, can work with you to find a solution. The sooner you call,
the sooner you can regain your peace of mind. Remember, you're not
alone. Millions of people across the United States have trouble with their
mortgage every year. Since 2002, we have provided answers, education
and counseling to more than 2.2 million homeowners.
Concerned About Your Existing Mortgage?
We Can Help
Through our 888-995-HOPE™ Hotline, the Homeownership Preservation
Foundation can provide answers, connection to a counselor, and
comprehensive telephone counseling to help homeowners avoid
foreclosure. We are an independent nonprofit that provides counselors
from HUD-approved agencies dedicated to helping homeowners.
The help we offer is free.
Our counselors are experts in foreclosure prevention and trained to set
up a plan of action designed just for you and your situation. When you
talk to us, you won't be judged and you won't pay a dime. That's
because we don't just offer general advice - we help you take action.
Counselors will arm you with education and support that assists you in
overcoming immediate financial issues...at no cost to you.
Guide to Avoiding Foreclosure
Whether you're in foreclosure now or worried
about it in the future, we have information that can help.
Contact Your Lender
to Avoid Foreclosure
Information by State
Print version
Many people avoid calling their lender when they have money troubles.
Most of us are embarrassed to discuss our money problems with others or
believe that if lenders know we are in trouble, they will rush to collection
or foreclosure.
Foreclosure is expensive for lenders, mortgage insurers and investors.
HUD/FHA, as well as private mortgage insurance companies and
investors like Freddie Mac and Fannie Mae, require lenders to work
aggressively with borrowers who are facing money problems.
Lenders have workout options to help you keep your home. However,
these options work best when your loan is only one or two payments
behind. The farther behind you are on your payments, the fewer options
are available.
Do not assume that your mortage problem will quickly correct itself.
Don't lose valuable time by being overly optimistic. Contact your
mortgage lender to discuss your circumstances as soon as you realize
that you are unable to make your payments. While there is no guarantee
that any particular relief will be given, most lenders are willing to
explore every possible option
Whether you're in foreclosure now or worried
about it in the future, we have information that can help.
Contact Your Lender
to Avoid Foreclosure
Information by State
Print version
Many people avoid calling their lender when they have money troubles.
Most of us are embarrassed to discuss our money problems with others or
believe that if lenders know we are in trouble, they will rush to collection
or foreclosure.
Foreclosure is expensive for lenders, mortgage insurers and investors.
HUD/FHA, as well as private mortgage insurance companies and
investors like Freddie Mac and Fannie Mae, require lenders to work
aggressively with borrowers who are facing money problems.
Lenders have workout options to help you keep your home. However,
these options work best when your loan is only one or two payments
behind. The farther behind you are on your payments, the fewer options
are available.
Do not assume that your mortage problem will quickly correct itself.
Don't lose valuable time by being overly optimistic. Contact your
mortgage lender to discuss your circumstances as soon as you realize
that you are unable to make your payments. While there is no guarantee
that any particular relief will be given, most lenders are willing to
explore every possible option
HOPE for Homeowners
The HOPE for Homeowners program will refinance mortgages for borrowers
who are having difficulty making their payments, but can afford a new loan
insured by HUD's Federal Housing Administration (FHA). Call 1 (800)
225-5342 for more information.
Find HUD Approved Housing Counseling Agencies of Florida
The HOPE for Homeowners program will refinance mortgages for borrowers
who are having difficulty making their payments, but can afford a new loan
insured by HUD's Federal Housing Administration (FHA). Call 1 (800)
225-5342 for more information.
Find HUD Approved Housing Counseling Agencies of Florida
Tips for Avoiding Foreclosure
Are you having trouble keeping up with your mortgage payments? Have you received a notice from
your lender asking you to contact them?
Don't ignore the letters from your lender
Contact your lender immediately
Contact a HUD-approved Housing Counseling Agency
Toll FREE (800) 569-4287
TTY (800) 877-8339
If you are unable to make your mortgage payment:
1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that
you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers through difficult financial
times.
3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that
can help you weather financial problems. Later mail may include important notice of pending
legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can't make
your payments. Learn about the foreclosure laws and timeframes in your state (as every state is
different) by contacting the State Government Housing Office.
5. Understand foreclosure prevention options.
Valuable information about foreclosure prevention (also called loss mitigation) options can be
found on the internet at
portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL .
6. Contact a HUD-approved housing counselor.
The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing
counseling nationwide. Housing counselors can help you understand the law and your options,
organize your finances and represent you in negotiations with your lender if you need this
assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY
(800) 877-8339 .
7. Prioritize your spending.
After healthcare, keeping your house should be your first priority. Review your finances and see
where you can cut spending in order to make your mortgage payment. Look for optional
expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit
cards and other "unsecured" debt until you have paid your mortgage.
Are you having trouble keeping up with your mortgage payments? Have you received a notice from
your lender asking you to contact them?
Don't ignore the letters from your lender
Contact your lender immediately
Contact a HUD-approved Housing Counseling Agency
Toll FREE (800) 569-4287
TTY (800) 877-8339
If you are unable to make your mortgage payment:
1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that
you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers through difficult financial
times.
3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that
can help you weather financial problems. Later mail may include important notice of pending
legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can't make
your payments. Learn about the foreclosure laws and timeframes in your state (as every state is
different) by contacting the State Government Housing Office.
5. Understand foreclosure prevention options.
Valuable information about foreclosure prevention (also called loss mitigation) options can be
found on the internet at
portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL .
6. Contact a HUD-approved housing counselor.
The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing
counseling nationwide. Housing counselors can help you understand the law and your options,
organize your finances and represent you in negotiations with your lender if you need this
assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY
(800) 877-8339 .
7. Prioritize your spending.
After healthcare, keeping your house should be your first priority. Review your finances and see
where you can cut spending in order to make your mortgage payment. Look for optional
expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit
cards and other "unsecured" debt until you have paid your mortgage.
REAL ESTATE
We would like to assist you in your Real Estate needs. Whether you are a first time buyer or an
experienced investor, making decisions in today’s real estate market can be one of the most important
decisions you will ever have to make.
Our on-line resources will provide you with useful information on how to choose the "right" property,
making an offer, negotiating, financing, mortgage, rates, moving, and everything involved in making the
appropriate well-informed real estate decision. Commercial and Residential
We would like to assist you in your Real Estate needs. Whether you are a first time buyer or an
experienced investor, making decisions in today’s real estate market can be one of the most important
decisions you will ever have to make.
Our on-line resources will provide you with useful information on how to choose the "right" property,
making an offer, negotiating, financing, mortgage, rates, moving, and everything involved in making the
appropriate well-informed real estate decision. Commercial and Residential
Millionaire Mind Set, Take Control of your
Destiny. How to Make Your First $1 Million
Dollar?
Housing Finance Authority of Miami dade,
Monroe, Broward, and Palm Beach County.
State & Federal Homebuyer's Programs.
FREE FINANCIAL ADVICE. WAYS TO SAVE
MONEY, TO MAKE MONEY, AND GET OUT OF
DEBT!
GOVERNMENTS GENERAL INFORMATION
CENTER: MIAMI DADE, BROWARD, MONROE,
PALM BEACH COUNTY COUNT. STATE OF
FLORIDA AND THE U.S. FEDERAL
GOVERNMENT.
FREE-CREDIT REPORT: Get a Free Credit Report
From all 3 Credit Bureaus
INSURANCE 101: THE IMPORTANCE OF
INSURANCE IN SOMEONE'S LIFE.
5 INSURANCE POLICIES EVERYONE SHOULD
HAVE, AND 15 INSURANCE POLICIES YOU
MAY NOT NEED.
Identity Theft: Consumer Reports' advice on
steps you can take to protect your identity and
what to do if you believe it's already been
compromised...
HUD HOMES: GOVERNMENT HOMES AND
FORECLOSURE PROPERTIES ARE AVAILABLE
BELOW MARKET VALUE!
Real Estate Learning Center: Foreclosure,
REO'S, Short Sale, Pre-construction.
Mortgage Loans Learning Center. Everything
about mortgage home loans
REO'S -- REAL ESTATE OWNED FORECLOSURE.
Buying Bank Owned Properties (REO) ---
Investing in Foreclosed Real Estate for a Higher
Return.
What are Pre-Foreclosures?
pre-foreclosure helps people to get a home at a
bargain price.
Destiny. How to Make Your First $1 Million
Dollar?
Housing Finance Authority of Miami dade,
Monroe, Broward, and Palm Beach County.
State & Federal Homebuyer's Programs.
FREE FINANCIAL ADVICE. WAYS TO SAVE
MONEY, TO MAKE MONEY, AND GET OUT OF
DEBT!
GOVERNMENTS GENERAL INFORMATION
CENTER: MIAMI DADE, BROWARD, MONROE,
PALM BEACH COUNTY COUNT. STATE OF
FLORIDA AND THE U.S. FEDERAL
GOVERNMENT.
FREE-CREDIT REPORT: Get a Free Credit Report
From all 3 Credit Bureaus
INSURANCE 101: THE IMPORTANCE OF
INSURANCE IN SOMEONE'S LIFE.
5 INSURANCE POLICIES EVERYONE SHOULD
HAVE, AND 15 INSURANCE POLICIES YOU
MAY NOT NEED.
Identity Theft: Consumer Reports' advice on
steps you can take to protect your identity and
what to do if you believe it's already been
compromised...
HUD HOMES: GOVERNMENT HOMES AND
FORECLOSURE PROPERTIES ARE AVAILABLE
BELOW MARKET VALUE!
Real Estate Learning Center: Foreclosure,
REO'S, Short Sale, Pre-construction.
Mortgage Loans Learning Center. Everything
about mortgage home loans
REO'S -- REAL ESTATE OWNED FORECLOSURE.
Buying Bank Owned Properties (REO) ---
Investing in Foreclosed Real Estate for a Higher
Return.
What are Pre-Foreclosures?
pre-foreclosure helps people to get a home at a
bargain price.
IF YOU NEED HELP TO SELL YOUR REAL ESTATE PROPERTY IN SOUTH FLORIDA; PLEASE CALL ANTONY A
PROFESSIONAL REALTOR. AT: 786---- International Realty -- ASK FOR ANTHONY
PROFESSIONAL REALTOR. AT: 786---- International Realty -- ASK FOR ANTHONY
| ''Real Estate For Sellers / ''Real Estate For Buyers / ''Real Estate Listings / ''Commercial Real Estate Investing/ ''REAL ESTATE.INVESTMENT TRUST'' ''Find Money Now To Purchase Real Estate..- ''How To Obtain Real Estate With No Money, No Credit '' Real Estate Wholesaling - Everything You Need To Know In 15 Steps Process.. '' 'FOR SALE BY OWNER { FSBO} '' |
How Soon Can You Sell an Owner-Occupied
HUD House After Buying It?
For home buyers looking for affordable
housing, the U.S. Department of Housing and
Urban Development (HUD) offers several
solutions.
"HUD homes," as foreclosed Federal Housing
Administration (FHA)- backed homes are
called, can be bought at online auction by
hopeful home buyers.
HUD, of course, has rules for those intending
to buy and then occupy a HUD home,
including length-of-occupancy requirements.
Generally, owner-occupants of HUD homes
must live in those homes for at least 12
months before selling them.
=======================
Can you use FHA 203k rehab loans on HUD
homes?
If a home needs more than $5,000 in repairs
to qualify for FHA, there is still an FHA option.
The FHA 203k rehab loan is a great program
that allows a buyer to make repairs after
closing and finance them into their loan.
There is no limit to the dollar amount of
repairs that can be made, but it can be a
complicated process.
This program can be used on a house with
less than $5,000 in repairs as well if the buyer
wants to make more repairs than FHA
requires. The loan can also be used on
uninsurable homes as long as it is marked on
Hudhomesore.com that an FHA 203k is being
used.
A 203k loan requires two appraisals, one for
the as-is value and one for the after repaired
value. The loan also takes longer to close and
has a few more fees than a normal loan, but it
is a great option for those looking to make
major repairs.
-------------------------------
HUD House After Buying It?
For home buyers looking for affordable
housing, the U.S. Department of Housing and
Urban Development (HUD) offers several
solutions.
"HUD homes," as foreclosed Federal Housing
Administration (FHA)- backed homes are
called, can be bought at online auction by
hopeful home buyers.
HUD, of course, has rules for those intending
to buy and then occupy a HUD home,
including length-of-occupancy requirements.
Generally, owner-occupants of HUD homes
must live in those homes for at least 12
months before selling them.
=======================
Can you use FHA 203k rehab loans on HUD
homes?
If a home needs more than $5,000 in repairs
to qualify for FHA, there is still an FHA option.
The FHA 203k rehab loan is a great program
that allows a buyer to make repairs after
closing and finance them into their loan.
There is no limit to the dollar amount of
repairs that can be made, but it can be a
complicated process.
This program can be used on a house with
less than $5,000 in repairs as well if the buyer
wants to make more repairs than FHA
requires. The loan can also be used on
uninsurable homes as long as it is marked on
Hudhomesore.com that an FHA 203k is being
used.
A 203k loan requires two appraisals, one for
the as-is value and one for the after repaired
value. The loan also takes longer to close and
has a few more fees than a normal loan, but it
is a great option for those looking to make
major repairs.
-------------------------------
What is the Good Neighbor Next Door Program?
The Good Neighbor Next Door Program (GNND) is a HUD specific
program geared towards EMTs, teachers, firefighters, and law
enforcement. HUD designates certain houses for this program and they
will give a 50% discount to qualified buyers!
In order to find these properties, go to Hudhomestore.com and click
on Good Neighbor Next Door Program in the blue box. Then click on
your state on the map to the right of the blue box.
This will pull up all GNND properties in your state. Do not be surprised
if there are not many properties available as HUD designates very few
properties for this program.
HUD also has very strict policies regarding who can bid on GNND
properties. The buyer must be a full-time employee in their field, work
within a certain mileage of the property, and live in the property for
three years. Bidding on a GNND is very simple.
Your agent submits the full price in the GNND bid period and if HUD
accepts your bid, they automatically discount the property 50%. These
properties are not always in MLS, so check Hudhomestore.com
frequently to find these listings.
HUD does not pay a commission on these properties to the listing or
selling agent. Many times the agent representing the buyer will require
the buyer to pay a commission directly to the buyer’s agent. If more
than one buyer bids on these properties, HUD will randomly select the
winner.
The Good Neighbor Next Door Program (GNND) is a HUD specific
program geared towards EMTs, teachers, firefighters, and law
enforcement. HUD designates certain houses for this program and they
will give a 50% discount to qualified buyers!
In order to find these properties, go to Hudhomestore.com and click
on Good Neighbor Next Door Program in the blue box. Then click on
your state on the map to the right of the blue box.
This will pull up all GNND properties in your state. Do not be surprised
if there are not many properties available as HUD designates very few
properties for this program.
HUD also has very strict policies regarding who can bid on GNND
properties. The buyer must be a full-time employee in their field, work
within a certain mileage of the property, and live in the property for
three years. Bidding on a GNND is very simple.
Your agent submits the full price in the GNND bid period and if HUD
accepts your bid, they automatically discount the property 50%. These
properties are not always in MLS, so check Hudhomestore.com
frequently to find these listings.
HUD does not pay a commission on these properties to the listing or
selling agent. Many times the agent representing the buyer will require
the buyer to pay a commission directly to the buyer’s agent. If more
than one buyer bids on these properties, HUD will randomly select the
winner.
HUD bidding timelines
For insured homes:
15-day owner occupant, government agencies, and non-profit only bid period. The first ten days of this bid period HUD collects all the bids and subsequently
review them on the next business day.
Thereafter for the next five days, HUD reviews any bids received the following day. (not sure if they review them the same day or the day after the bid is received
during this time)
Investors can bid on the 16th day the home has been actively for sale. You can see this date by looking at the period deadline. Investors can bid on the next day
after this deadline.
If the price is lowered, the owner-occupant period does not start over. Investors can bid right away.
For uninsured homes:
7-day lottery bid period. Government agencies and non-profits only can bid. The home is listed on HUDhomestore, but not on the MLS.
5-day owner occupant, government agency and non-profit only bid period. HUD accepts bids the first five days and opens them the next business day. Investors
can bid on the 6th day.
If the price is lowered, the owner-occupant period does not start over. Investors can bid right away.
----------------------------------
For insured homes:
15-day owner occupant, government agencies, and non-profit only bid period. The first ten days of this bid period HUD collects all the bids and subsequently
review them on the next business day.
Thereafter for the next five days, HUD reviews any bids received the following day. (not sure if they review them the same day or the day after the bid is received
during this time)
Investors can bid on the 16th day the home has been actively for sale. You can see this date by looking at the period deadline. Investors can bid on the next day
after this deadline.
If the price is lowered, the owner-occupant period does not start over. Investors can bid right away.
For uninsured homes:
7-day lottery bid period. Government agencies and non-profits only can bid. The home is listed on HUDhomestore, but not on the MLS.
5-day owner occupant, government agency and non-profit only bid period. HUD accepts bids the first five days and opens them the next business day. Investors
can bid on the 6th day.
If the price is lowered, the owner-occupant period does not start over. Investors can bid right away.
----------------------------------
How can you submit a bid?
A buyer must use a real estate agent registered with HUD to submit a bid on a HUD home. If you are shopping for an agent and you are interested in HUD homes,
ask your agent if their company has a NAID number. If they don’t have a NAID number, then they can’t submit a bid for you.
Any office can get a NAID, but it can take up to 6 weeks to get a NAID number from HUD. If your agent’s office has a NAID, they can register on Hudhomestore and
submit a bid for you very easily.
The bid is submitted online and no documents are uploaded with the bid. HUD does require the social security, tax id or EIN number for the purchaser to submit
the bid.
What happens after a bid is submitted?
HUD will only respond to your agent through email if your bid is accepted. If your bid is not accepted, HUD will not notify your agent, but your agent can look up the
bid status. Your agent has to log in to HUDHOMESTORE.COM and go to bidder functions.
They can search for bids they submitted, and HUD will list the bid status. It may say reviewing bids, accepted, canceled or other bid accepted. If your bid was not
accepted and no other bids were accepted you can bid again as many times as you like. In some cases, HUD may counter your offer, but their counter is only a
notification informing you of what net price HUD will accept. If you enter a bid that nets HUD the counter price or more, they will accept it as long as no one else
submits a higher bid.
A buyer must use a real estate agent registered with HUD to submit a bid on a HUD home. If you are shopping for an agent and you are interested in HUD homes,
ask your agent if their company has a NAID number. If they don’t have a NAID number, then they can’t submit a bid for you.
Any office can get a NAID, but it can take up to 6 weeks to get a NAID number from HUD. If your agent’s office has a NAID, they can register on Hudhomestore and
submit a bid for you very easily.
The bid is submitted online and no documents are uploaded with the bid. HUD does require the social security, tax id or EIN number for the purchaser to submit
the bid.
What happens after a bid is submitted?
HUD will only respond to your agent through email if your bid is accepted. If your bid is not accepted, HUD will not notify your agent, but your agent can look up the
bid status. Your agent has to log in to HUDHOMESTORE.COM and go to bidder functions.
They can search for bids they submitted, and HUD will list the bid status. It may say reviewing bids, accepted, canceled or other bid accepted. If your bid was not
accepted and no other bids were accepted you can bid again as many times as you like. In some cases, HUD may counter your offer, but their counter is only a
notification informing you of what net price HUD will accept. If you enter a bid that nets HUD the counter price or more, they will accept it as long as no one else
submits a higher bid.
Are HUD homes listed for sale on the MLS?
HUD will list some properties differently depending on the repairs needed and potential buyers’ qualifications. On uninsured properties, HUD will list them on
Hudhomestore for 7 days, but the only eligible bidders are non-profits and government agencies.
During this 7 day period called the lottery period, some asset management companies will list the home in MLS and others will not.
------------------------------
HUD Home Requirements
HUD homes are sold exclusively through an online auction system and for a defined "exclusive listing period." HUD home auctions are initially open to hopeful
owner-occupants, HUD-approved nonprofits and government entities on a high bidder system.
HUD prefers owner-occupant bidders but allows investor property bidders at various points in its online bidding processes. For HUD owner-occupied homes, a 12-
month occupancy period before resale is allowed is mandatory.
Buying HUD Homes
Hopeful home buyers wanting to bid on a HUD home can only do so through HUD-registered real estate brokers. Winning HUD home buyers are also responsible for
paying the real estate broker's sales commission.
Happily, up to 3 percent of the broker sales commission on a HUD home can be included in that home's sale price, meaning it can be financed. Once an owner-
occupant fulfills the 12-month occupancy period, the home can be sold just like any other property.
Considerations
HUD often considers it criminal fraud when HUD home owner-occupants try to sell their homes within the 12-month mandatory occupancy period. Those buying HUD
homes as owner-occupants can't have purchased another HUD home as an owner-occupant in the previous 24 months.
Investors can bid on HUD homes once the exclusive listing period for owner-occupant bidders expires. Owner-occupant bidders on HUD homes must be
preapproved for a mortgage in the amount sufficient to purchase the property on which they're bidding.
--------------------------------
HUD will list some properties differently depending on the repairs needed and potential buyers’ qualifications. On uninsured properties, HUD will list them on
Hudhomestore for 7 days, but the only eligible bidders are non-profits and government agencies.
During this 7 day period called the lottery period, some asset management companies will list the home in MLS and others will not.
------------------------------
HUD Home Requirements
HUD homes are sold exclusively through an online auction system and for a defined "exclusive listing period." HUD home auctions are initially open to hopeful
owner-occupants, HUD-approved nonprofits and government entities on a high bidder system.
HUD prefers owner-occupant bidders but allows investor property bidders at various points in its online bidding processes. For HUD owner-occupied homes, a 12-
month occupancy period before resale is allowed is mandatory.
Buying HUD Homes
Hopeful home buyers wanting to bid on a HUD home can only do so through HUD-registered real estate brokers. Winning HUD home buyers are also responsible for
paying the real estate broker's sales commission.
Happily, up to 3 percent of the broker sales commission on a HUD home can be included in that home's sale price, meaning it can be financed. Once an owner-
occupant fulfills the 12-month occupancy period, the home can be sold just like any other property.
Considerations
HUD often considers it criminal fraud when HUD home owner-occupants try to sell their homes within the 12-month mandatory occupancy period. Those buying HUD
homes as owner-occupants can't have purchased another HUD home as an owner-occupant in the previous 24 months.
Investors can bid on HUD homes once the exclusive listing period for owner-occupant bidders expires. Owner-occupant bidders on HUD homes must be
preapproved for a mortgage in the amount sufficient to purchase the property on which they're bidding.
--------------------------------
Know the HUD Basics
HUD isn't in the business of selling houses. Instead, HUD houses are ones that the
agency essentially gets stuck with. To make home ownership more attainable, the
federal government guarantees mortgages for some buyers. This guarantee is a
promise to pay the mortgage lender if the home buyer doesn't.
If a buyer defaults on a mortgage, HUD pays the lender and takes possession of the
home. HUD then sells the home to the highest bidder in an effort to recoup their
costs.
In order to sell them quickly, HUD lists their homes on the HUD Homestore website.
While anyone can access this site, only authorized agents can show the homes to
you and make an offer on them for you.
The bidding is opened first to private home buyers who will live in the home, called
owner occupants.
If no one makes an offer within 15 days of the home's listing, the bidding then
opens to investors as well as owner occupants.
Strategize Your Bid
When bidding on a HUD home, you'll likely get only one chance to make an offer.
You'll need to make your bid count, so it's important to work with an agent who has
ample experience with HUD homes in your area. While getting a good deal is the
point of buying a HUD home, bidding too low will only serve to guarantee that HUD
passes on your offer. HUD generally passes on offers that won't net them at least 10
to 12 percent of their asking price.
This means that HUD must get back 10 to 12 percent of their investment after
covering all of their costs, including the 3 percent fee they'll be paying the broker
who handles the sale for them. There are exceptions to this rule, however.
HUD's goal is to sell homes and recover their costs as quickly as possible. The
longer the home has been on the market, the more likely they are to accept a low
offer. Supply and demand also matter.
HUD homes may command lower prices when there are several of them on the
market and deals are easy to come by. Sometimes, though, it's in your best interest
to bid as much as you reasonably and comfortably can on a home.
-------------------------
HUD isn't in the business of selling houses. Instead, HUD houses are ones that the
agency essentially gets stuck with. To make home ownership more attainable, the
federal government guarantees mortgages for some buyers. This guarantee is a
promise to pay the mortgage lender if the home buyer doesn't.
If a buyer defaults on a mortgage, HUD pays the lender and takes possession of the
home. HUD then sells the home to the highest bidder in an effort to recoup their
costs.
In order to sell them quickly, HUD lists their homes on the HUD Homestore website.
While anyone can access this site, only authorized agents can show the homes to
you and make an offer on them for you.
The bidding is opened first to private home buyers who will live in the home, called
owner occupants.
If no one makes an offer within 15 days of the home's listing, the bidding then
opens to investors as well as owner occupants.
Strategize Your Bid
When bidding on a HUD home, you'll likely get only one chance to make an offer.
You'll need to make your bid count, so it's important to work with an agent who has
ample experience with HUD homes in your area. While getting a good deal is the
point of buying a HUD home, bidding too low will only serve to guarantee that HUD
passes on your offer. HUD generally passes on offers that won't net them at least 10
to 12 percent of their asking price.
This means that HUD must get back 10 to 12 percent of their investment after
covering all of their costs, including the 3 percent fee they'll be paying the broker
who handles the sale for them. There are exceptions to this rule, however.
HUD's goal is to sell homes and recover their costs as quickly as possible. The
longer the home has been on the market, the more likely they are to accept a low
offer. Supply and demand also matter.
HUD homes may command lower prices when there are several of them on the
market and deals are easy to come by. Sometimes, though, it's in your best interest
to bid as much as you reasonably and comfortably can on a home.
-------------------------
HUD Homes
The Department of Housing and Urban Development sells its foreclosed
homes via online bid, first to hopeful owner-occupants and then to
property investors. By their nature, foreclosed homes are distressed
properties and are sometimes in need of extensive repair. When HUD takes
a home into its property inventory it usually shuts off utilities and lets the
home sit unoccupied. HUD also doesn't make repairs on its homes, either
when they're in its inventory or when they're sold.
HUD Responsibilities
Because HUD homes are sold "as is, where is," owner-occupants or
property investors buying them become responsible for any repairs. HUD
also isn't responsible for correcting any defects noted on a winning
bidder's home inspection, if the bidder has one done. HUD is basically
responsible for delivering one of its homes to the winning bidder at those
homes' HUD-authorized sale closings. HUD, though, is responsible for
delivering a clean title, free of defects like past liens, on its homes.
------------
HUD Bidding
A major benefit in bidding on HUD homes is that you can visit them before
bidding. HUD works through approved real estate brokers to sell its homes
and those brokers have access to all HUD homes in their areas. Before
bidding on a HUD home, visit it with your broker to see just what it is you're
bidding on. Remember; some HUD homes may need extensive repair
before they're even habitable.
-------------------
FHA Financing
Hopeful owner-occupants bidding on HUD homes must be pre-approved for
a mortgage before bidding. Almost all HUD homes can be purchased using
FHA-insured 203(b) mortgages, though.
For HUD homes in need of repair, FHA offers 203(k) rehabilitation
mortgages that cover not only their purchase costs but also their repair
and rehabilitation expenses.
FHA-insured mortgages have traditionally been easier to qualify for and
feature more relaxed credit score and down payment requirements.
===================
The Department of Housing and Urban Development sells its foreclosed
homes via online bid, first to hopeful owner-occupants and then to
property investors. By their nature, foreclosed homes are distressed
properties and are sometimes in need of extensive repair. When HUD takes
a home into its property inventory it usually shuts off utilities and lets the
home sit unoccupied. HUD also doesn't make repairs on its homes, either
when they're in its inventory or when they're sold.
HUD Responsibilities
Because HUD homes are sold "as is, where is," owner-occupants or
property investors buying them become responsible for any repairs. HUD
also isn't responsible for correcting any defects noted on a winning
bidder's home inspection, if the bidder has one done. HUD is basically
responsible for delivering one of its homes to the winning bidder at those
homes' HUD-authorized sale closings. HUD, though, is responsible for
delivering a clean title, free of defects like past liens, on its homes.
------------
HUD Bidding
A major benefit in bidding on HUD homes is that you can visit them before
bidding. HUD works through approved real estate brokers to sell its homes
and those brokers have access to all HUD homes in their areas. Before
bidding on a HUD home, visit it with your broker to see just what it is you're
bidding on. Remember; some HUD homes may need extensive repair
before they're even habitable.
-------------------
FHA Financing
Hopeful owner-occupants bidding on HUD homes must be pre-approved for
a mortgage before bidding. Almost all HUD homes can be purchased using
FHA-insured 203(b) mortgages, though.
For HUD homes in need of repair, FHA offers 203(k) rehabilitation
mortgages that cover not only their purchase costs but also their repair
and rehabilitation expenses.
FHA-insured mortgages have traditionally been easier to qualify for and
feature more relaxed credit score and down payment requirements.
===================
HUD Homes Frequently Asked Questions...
1.What is HUD?The U.S. Department of Housing and Urban Development. Please visit www. HUD.govfor additional information.
2. Do I need a realtor to place a bid for me?Yes, please contact a broker who is registered to bid with HUD.
3.How do I find a property to bid on? Log ontowww.hudhomestore.comto search for available HUD properties.
4.How can I obtain financing for my property? Please contact a lender or mortgage broker5.Do owner-occupants have a priority in bidding? Yes, there is an initial
owner-occupant period set aside at the beginning of the bid process.
6.What is the Good Neighbor Next Door (GNND) program? The good neighbor next door program allows teachers, police officers, fire fighters and EMS personnel to
purchase HUD properties that are located in a revitalization area for a 50% discount if they live in the property for 36 months. More information is available online:
About Good Neighbor Next Door
7.What are my financing options? You can use FHA or conventional financing to purchase a HUD home. You may also purchase a property with cash.
8.How can I locate a home in a particular area (e.g. by zip code or state)?You may conduct a search by visitingwww.hudhomestore.com.
9.What is a field service manager? The Field Service Manager (FSM) is the HUD contractor responsible for property maintenance and preservationservices such as:
inspecting the property, securing the property, performing cosmetic enhancements/ repairs, and providing ongoing maintenance.
10.What is an asset manager? The HUD contractor responsible for marketing and selling HUD-owned properties.11.I would like to report a problem with a HUD home in
my neighborhood. Who do I contact? Please contact the field service manager or the asset manager assigned to the property. You can find the asset manager by
visitingwww.hudhomestore.comand searching for the property by street address.
12.I am an investor. When can I bid on a HUD property? During the exclusive listing period, bids may be submitted by Owner Occupants. At the conclusion of this
exclusive listing priority period, all general public bids will be accepted.
13.I am scheduled for closing and no one has contacted me. Who can answer my last minute questions?Please contact theasset managerfor the property being
purchased.
14.Can I have the property reappraised andlower the price of the home? In accordance with Mortgagee Letter 2010-08,a second appraisal may not be ordered simply
to support a purchaseprice that is higher than the value on the current appraisal. A second appraisal can only be ordered to support a higher sales price if there are
material deficiencies with the current appraisal. In such an instance, the Direct Endorsement underwriter is responsible for documenting and determining that
material deficiencies exist with respect to the current appraisal.
HUD Home Store FAQs: Consumers and the General Public2 |P a g eU.S. Department of Housing and Urban Development: May 2015
15.Can a buyer elect to use his or her own closing agent? The purchaser can elect to choose any closing agent. However, if the purchaser elects not to use HUD’s
closing agent to perform the closing, HUD will not pay for the closing agent to conduct the closing.
16.If I don’t like the home that I chose, can I decline the acceptance? The purchase of the property may be declined atany time, but may be subject to earnest money
forfeiture.
17.What is the earnest money held for, and can I get it back?Earnest Money is a deposit towards the purchase of real estate or publiclytendered government contract
made by a buyer or registered contractor to demonstrate that he/she is serious about wanting to complete the purchase.If the seller accepts the offer, the earnest
money is held in escrow by the real estate broker or by a settlement or title company until closing and is then applied to the buyer's portion of the remaining costs. If
the offer is rejected, the earnest money is usually returned, since no binding contract has been entered into. If the buyer retracts the offer or does not fulfill its
obligations under the contract, the earnest money is forfeited.
18.When can I complete a home inspection on the property? All purchasers are strongly encouraged to perform a walk through inspection at or near the date of your
contract acceptance and, again, immediately PRIOR to closing. If a purchaser discovers a property condition that did not exist at the time of sale they must
immediately notify HUD's property manager of the damage. The purchaser or agent should complete the Property Damage Report and fax it to the appropriate fax
number listed on the form. Reporting the damage does not guarantee the correction of the problem that has been discovered. The lack of written documentation
describing property condition at contract acceptance, however, will preclude consideration for repairs or price adjustments in the event of subsequent damage.Each
case will be looked at independently and a determination will be made as to whether the damage will be repaired (or not repaired) or, under some circumstances,
credits given at closing. The buyer assumes full responsibility for the property and its condition on the date of closing. HUD assumes no responsibility and will make
no settlement for damages reported to HUD after the close of escrow.
19.Can I make repairs to the property if needed prior to purchase?HUD properties are sold as-is with no warranty. No repairs should be performed on a property until
after the new owner has taken possession of the property.
20.Does HUD give money for repairs to the property?No. However, a home buyer may wish to utilize anFHA 203K streamline loanto finance repairs on the property.
21.How much money do I have to put down on a home?The answer depends on the type of financing being used. For FHA financed properties,the down payment is 3
1/2percent (3.5%) of the sales price..
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Guide to Real Estate Tax Liens And Tax Deeds:
What's tax liens and how is it an investing tool?
When cities and townships are in trouble due to real estate taxes not being paid, they offer tax liens that promises to pay you interest (sometimes as high as 16%) so
that they can stay afloat.
The original owner, or if they sell it, the new owner, has to then obviously pay that interest back to the city in order for the city to pay the investor back.
As most are paid back within months of delinquency, your effectiv rate of return could be significantly higher
1.What is HUD?The U.S. Department of Housing and Urban Development. Please visit www. HUD.govfor additional information.
2. Do I need a realtor to place a bid for me?Yes, please contact a broker who is registered to bid with HUD.
3.How do I find a property to bid on? Log ontowww.hudhomestore.comto search for available HUD properties.
4.How can I obtain financing for my property? Please contact a lender or mortgage broker5.Do owner-occupants have a priority in bidding? Yes, there is an initial
owner-occupant period set aside at the beginning of the bid process.
6.What is the Good Neighbor Next Door (GNND) program? The good neighbor next door program allows teachers, police officers, fire fighters and EMS personnel to
purchase HUD properties that are located in a revitalization area for a 50% discount if they live in the property for 36 months. More information is available online:
About Good Neighbor Next Door
7.What are my financing options? You can use FHA or conventional financing to purchase a HUD home. You may also purchase a property with cash.
8.How can I locate a home in a particular area (e.g. by zip code or state)?You may conduct a search by visitingwww.hudhomestore.com.
9.What is a field service manager? The Field Service Manager (FSM) is the HUD contractor responsible for property maintenance and preservationservices such as:
inspecting the property, securing the property, performing cosmetic enhancements/ repairs, and providing ongoing maintenance.
10.What is an asset manager? The HUD contractor responsible for marketing and selling HUD-owned properties.11.I would like to report a problem with a HUD home in
my neighborhood. Who do I contact? Please contact the field service manager or the asset manager assigned to the property. You can find the asset manager by
visitingwww.hudhomestore.comand searching for the property by street address.
12.I am an investor. When can I bid on a HUD property? During the exclusive listing period, bids may be submitted by Owner Occupants. At the conclusion of this
exclusive listing priority period, all general public bids will be accepted.
13.I am scheduled for closing and no one has contacted me. Who can answer my last minute questions?Please contact theasset managerfor the property being
purchased.
14.Can I have the property reappraised andlower the price of the home? In accordance with Mortgagee Letter 2010-08,a second appraisal may not be ordered simply
to support a purchaseprice that is higher than the value on the current appraisal. A second appraisal can only be ordered to support a higher sales price if there are
material deficiencies with the current appraisal. In such an instance, the Direct Endorsement underwriter is responsible for documenting and determining that
material deficiencies exist with respect to the current appraisal.
HUD Home Store FAQs: Consumers and the General Public2 |P a g eU.S. Department of Housing and Urban Development: May 2015
15.Can a buyer elect to use his or her own closing agent? The purchaser can elect to choose any closing agent. However, if the purchaser elects not to use HUD’s
closing agent to perform the closing, HUD will not pay for the closing agent to conduct the closing.
16.If I don’t like the home that I chose, can I decline the acceptance? The purchase of the property may be declined atany time, but may be subject to earnest money
forfeiture.
17.What is the earnest money held for, and can I get it back?Earnest Money is a deposit towards the purchase of real estate or publiclytendered government contract
made by a buyer or registered contractor to demonstrate that he/she is serious about wanting to complete the purchase.If the seller accepts the offer, the earnest
money is held in escrow by the real estate broker or by a settlement or title company until closing and is then applied to the buyer's portion of the remaining costs. If
the offer is rejected, the earnest money is usually returned, since no binding contract has been entered into. If the buyer retracts the offer or does not fulfill its
obligations under the contract, the earnest money is forfeited.
18.When can I complete a home inspection on the property? All purchasers are strongly encouraged to perform a walk through inspection at or near the date of your
contract acceptance and, again, immediately PRIOR to closing. If a purchaser discovers a property condition that did not exist at the time of sale they must
immediately notify HUD's property manager of the damage. The purchaser or agent should complete the Property Damage Report and fax it to the appropriate fax
number listed on the form. Reporting the damage does not guarantee the correction of the problem that has been discovered. The lack of written documentation
describing property condition at contract acceptance, however, will preclude consideration for repairs or price adjustments in the event of subsequent damage.Each
case will be looked at independently and a determination will be made as to whether the damage will be repaired (or not repaired) or, under some circumstances,
credits given at closing. The buyer assumes full responsibility for the property and its condition on the date of closing. HUD assumes no responsibility and will make
no settlement for damages reported to HUD after the close of escrow.
19.Can I make repairs to the property if needed prior to purchase?HUD properties are sold as-is with no warranty. No repairs should be performed on a property until
after the new owner has taken possession of the property.
20.Does HUD give money for repairs to the property?No. However, a home buyer may wish to utilize anFHA 203K streamline loanto finance repairs on the property.
21.How much money do I have to put down on a home?The answer depends on the type of financing being used. For FHA financed properties,the down payment is 3
1/2percent (3.5%) of the sales price..
=============
-----------------------------------------------
Guide to Real Estate Tax Liens And Tax Deeds:
What's tax liens and how is it an investing tool?
When cities and townships are in trouble due to real estate taxes not being paid, they offer tax liens that promises to pay you interest (sometimes as high as 16%) so
that they can stay afloat.
The original owner, or if they sell it, the new owner, has to then obviously pay that interest back to the city in order for the city to pay the investor back.
As most are paid back within months of delinquency, your effectiv rate of return could be significantly higher
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