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HUD $100 Down Payment Special Sales Incentives

We are pleased to announce a special sales incentive for owner occupant purchasers who will be utilizing FHA financing. HUD is currently offering a $100 Down payment initiative. The $100 down payment is for owner occupants (Any individual who purchases a HUD home as their primary residence for at least 12 months after closing and who has not purchased a home from HUD as an owner occupant in the past twenty four months) purchasing a HUD Home with FHA financing. This incentive is also available to owner occupant purchasers who obtain an FHA Home Repair loan. It’s a great time to Purchase a HUD Home with FHA financing. This special sales incentive will be offered beginning with offers accepted on January 7, 2008 

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.

Financing There are three different methods a purchaser can buy a HUD property: FHA Financing, Conventional Financing, or Cash. In all instances either a pre-qualification letter from a lender or proof of cash funds is required as part of the contract package which is due 48 hours after a bid has been accepted. One of the first actions you should take with a prospective purchaser who requires financing is to have them meet with a lender to receive a pre-qualification letter. Conventional financing is any non-FHA financing including VA. There are three types of FHA Financing below is a description of: IN – Insurable – 203(b) •Properties listed IN appear to qualify for FHA 203(b) financing. There should not be any MPS repairs necessary. IE – Insurable with Escrow – 203(b) Repair Escrow • Properties listed IE are eligible for FHA financing with repairs to be completed by the purchaser after the close of escrow. These repairs must be Minimum Property Standard (MPS) Repairs totaling less than $5,000. MPS Categories include; roof, structure, and mechanical systems, such as plumbing, electric, and heating. A listing posted inside the property will indicate actual repair amounts. • The cost for the repairs is not paid by HUD; however, the buyer may finance the repair escrow amount in their mortgage. The lender is responsible for inspections of the repairs and authorizing release of funds. • On the purchase agreement the repair escrow amount is not deducted from the Net to HUD or added to the purchase price on line 3. The repair escrow amount should only show on line 4. • REPAIR ESCROW ONLY APPLIES TO FHA FINANCING – not cash or conventional transactions. UI – Uninsurable – Conventional, Cash, or 203(k) • Properties listed UI generally are in need of extensive repairs and are usually purchased with cash or conventional financing. The only type of FHA financing they may qualify for is a FHA 203(k) loan. 203K FHA financing is a rehabilitation loan for owner occupants purchasing properties that have over $5,000 dollars worth of MPS repairs. Not all UI properties will qualify for FHA 203(k) financing. Please note: Any non-FHA loan is considered a conventional loan.

Homes are available in ALL Arizona counties Call 1-866-311-0248 ext 201 for Info or Click Here to Apply 

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Freedom Mortgage - 21043 N Cave Creak A-14 - Phoenix, AZ 85024
Office: (602) 996-2274 Fax: (602) 412-4482
Cell Phone: (602) 684-0866

Arizona Mortgage Bankers License: BKBR-0114323  

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