15 Things Houston First Time Home Buyers Should Know About Buying A HUD Home

Buyers News
Written By Diana

Hello and welcome to Houston First Time Home Buyers Edition, where we provide useful information to help Houston first time home buyers make the most informed decision when it comes to buying, decorating, and maintaining their first home. Buying a HUD home is an inexpensive way first time home buyers can purchase their first home. If you are a first time home buyer thinking purchasing your first home, here are a few thing to know about HUD homes.

  • HUD homes are priced to sell quickly.

  • Significant discounts are offered to individuals that qualify for HUD incentive programs, that includes, Good Neighbor Next Door and $100 Down.

  • HUD prioritize selling its homes to individual and family who plans to live in the home, instead of to investors.

  • Investors have to wait for the initial listing period to pass before they can make any offers.

  • HUD homes are sold through a bidding process.

  • Bidding process is 30-60 days.

  • You will need a HUD- approved Realtor to help you bid on HUD homes and to help you with the process.

  • As an owner occupied buyer, you get first choice on HUD homes.

  • Your real estate agent will be notified and a closing date will be given if your bid offer is accepted.

  • You will need to secure financing during or before the bidding process.

  • You can use conventional mortgage, FHA loan, FHA 203(k) or VA loan to finance your HUD purchase.

  • HUD may help to pay your Closing cost.

  • If you purchase a HUD home as your primary resident, you will be required to live in the home for 1 year before you can sell it. Thereafter, you will need to wait a minimum of 2 years before you can purchase another HUD home.

  • HUD homes are not listed in MLS.

For more information on HUD homes, please call us, speak with another HUD approved Realtor or visit. As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana

Image courtesy of HUD.gov

Diana

https://houstonfirstimehomebuyersedition.com
Previous

6 Things First Time Home Buyers Need to Know About Missouri City Parks
Next

10 Thing Out of Town First Time Home Buyers Should Know About Houston