Buy a HUD home for just $100 down in Statesville NC and Iredell County.

Below is an article from my weekly e-blast sent out the buyers looking for homes in the Statesville NC area. If you would like to be added to the list to receive weekly distressed listings in Statesville, Iredell County, Troutman and Mooresville, please feel free to sign up and I will add you to my list. HUD Website

Happy Friday!

I hope you all received (and read) my May newsletter:) I have tried to keep you up to date on what is happening in the Statesville area and the market and I hope it is helpful. This week I would like to talk about buying a home for just $100 down. That’s right, HUD has a program available that allows you to buy a HUD home for just $100 down in conjunction with a FHA loan.

Normally, FHA has a 3.5% down payment requirement, but this program works with just $100. It is available for owner occupied FHA insurable HUD homes. The HUD $100 down program is a great opportunity to get into a foreclosed home for only $100 dollars. On November 23, 2007, The Department of Housing and Urban Development better known as the HUD $100 Down Payment Program announced a new buyer’s incentive program which went into effect to allow home buyers to use a $100 down payment under certain circumstances.

The $100 down payment HUD program in Statesville NC and surrounding areas allows people to buy homes in which they plan to live, using an FHA loan, as long as they offer HUD the full amount at which the home is listed. Using the HUD $100 dollar program has great benefits including seller paid closing costs up to 3% and a FREE appraisal. You will not have to come to closing with any more than the $100 if you get them to cover all your closing costs. What a deal!

HUD homes eligible for the $100 down payment program have all been foreclosed upon by their lenders; the loans involved in the foreclosure were FHA-insured. Other foreclosures on which the loans were not insured by the FHA do not become HUD homes and are not eligible for the $100 down payment program.

HUD has a great site for answering all your questions about buying a home and FHA Financing.

100 Questions & Answers About Buying A New Home

Search for HUD homes Here

You can always call me if you need additional information too! Questions and Answers on how to buy a new home Don’t forget… there is also the USDA 100% program available to homes outside the city limits. Call me for more details. Rates are hovering around 4.5% right now and the time to buy a home is perfect. Next week we will be talking about the Mortgage Credit available through NC Housing and how it can help you save thousands of dollars on your new home and help you reduce your monthly house payment. Stay tuned..

____________________________________________________________________________________________

Statesville NC Real Estate Guide –Sonya Leonard, Exit Home Team Realty Agent Sonya Leonard of Exit Home Team Realty is your local real estate expert in Statesville North Carolina.  The Statesville Real Estate Guide provides free access to individualized home searches for all homes in Statesville, Mooresville, Troutman, Lake Norman and the entire Lake Norman Area.  Explore buyer and seller reports, community resources, new home communities, and be sure to sign up for you’re my exclusive FREE Weekly Distressed Sales List.  Let Sonya help you INVEST in Real Estate and your Future! (704) 450-0588. Exit Home Team Realty

How to Purchase a HUD home in North Carolina

How to Purchase a HUD home

ScreenHunter_01 Feb. 10 14.09

In recent months, there was a huge backlog of HUD homes that were held up for closing in NC and changes were made to try and streamline the entire process.  There are now three main asset management companies that handle HUD homes in NC and they in turn designate local firms as listing agents.  The online sites to preview the homes are now:
PEMPCO

HOMETELOS

OFORI

  

Bids must be submitted through an authorized agent.  The first 30 days of a HUD listing is open to Owner Occupied Buyers only and investors after day 30..  They also have a program that offers discounts to police, teachers, firefighters and EMT’s call the Good Neighbor Next Door where they can purchase a home for only $100 down and get 50% off the HUD list price. 

 

Some new changes include: 

Properties will now be listed daily.

7 day period for "special" buyer types (Good Neighbor)

30 day Owner Occupant Period

No bids opened until day 10

For homes that cannot be insured by HUD, bidding is open to all on day 6

At this time, closings have still been delay while HUD secures a new closing attorney.  If you are interested in purchasing a HUD home, I can guide you through and help answer any questions.

Go to:  www.HudHomeStore  for additional information on HUD homes.

 

For a weekly list of Distressed properties and HUD homes in Iredell County and surrounding areas, sign up on my website.  My list goes out every friday and includes some other great tips and market news or go directly to my search link.