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HUD $100 Down Program is Back for Select States including Texas
By Leesa Sandoval
Lets get some HUD foreclosures moving!! From now until October 2012 homebuyers need a down payment of only $100.00 to purchase a HUD owned home. This is only available for owner occupant purchases and the buyer will be required to use an FHA loan. Normal FHA underwriting guidelines apply and the sale must be for the full amount of the current list price. Also in most cases HUD will cover 3% of the closing costs for the buyer!!
Read MoreTips for a Successful Closing of a HUD Owned Property
By Leesa Sandoval
Now that you are under contract for the purchase of a HUD owned property there are just a few additional items to consider. It’s important to address any and all issues upfront to ensure there are no closing delays. Hopefully you will find these items helpful!
Read MoreTips and Tricks for Bidding on HUD or Bank Owned Properties
By Leesa Sandoval
It’s no secret that when making a bid on a HUD owned property and getting the contract submitted one must dot the I’s and cross the T’s. Receiving that accepted contract is exciting but there are some things that if not done property will delay closing.
Read MoreUsing the FHA 203k Loan Program to Build Equity
By Leesa Sandoval
Using the FHA 203k loan to rehab your home and build equity. Instead of a traditional home equity loan the FHA 203k loan allows you to refinance the current mortgage and add money for repairs. It ends up being a new single lien at a great FHA rate without the hassel of the home equity loan process.
Read MoreTransforming Foreclosures with 203k Loans
By Leesa Sandoval
And they say that FHA 203k rehab loans don’t close. Well here (video) is another FHA 203k that closed on time. It went from contract to closing in 45 days. This house needed $83,000 worth of repairs including new windows, new flooring, complete bathroom renovation, new fence, etc. Without the program, this house would have
Read MoreFHA 203k Rehab Loan vs. Fannie Mae’s HomeStyle Rehab Loan
By Leesa Sandoval
There are actually a few options out available when it comes to rehabbing your home – for both purchase and refinance transactions. One of the challenges can be to find that perfect rehab loan to fit your needs. It’s my goal to make that selection easier. Today, I’d like to compare and contrast two of my favorites: The FHA 203k Rehab loan vs the Fannie Mae HomeStyle Rehab loan.
Read MoreProtecting Your Investment with Homeowner’s Insurance
By Leesa Sandoval
Selecting, purchasing and maintaining homeowner’s insurance is a standard for anyone wishing to purchase or own a home. The problem tends to be with so many companies out there offering so many different options, how do you know what’s best for you?? Furthermore, as your needs change how do you determine if you have the best coverage? To help, I sat down with Caren Martin of Ellis Insurance and asked her a few questions.
Read MoreCredit Scores and Home Buying: How Are They Related?
By Leesa Sandoval
We are now offering FHA 203b loans to borrowers with FICO scores as low as 600! This means that if you meet the requirements you may purchase a “move-in ready” home using an FHA loan with a middle credit score of at least 600.
Read MoreRefinancing into a Rehab Loan for Home Repairs and Improvements
By Leesa Sandoval
Current home owners, did you know that just about anything in your home can be repaired, upgraded, etc with a simple rehab refinance? There are refinance options for both conventional and FHA loans which allow for the rehab of your current home.
Read MorePurchasing a HUD Owned Property- Texas
By Leesa Sandoval
HUD owned properties are a great place to turn when looking to buy a foreclosure in Texas, Louisiana, New Mexico, Oklahoma, and Arkansas for several reasons. Buyer Beware! Purchasing a HUD owned property is very different than an owner occupied property because they follow a “blind” bidding process. The bidding date is released by HUD, and each buyer submits their best offer-without the knowledge of any other bids. As long as HUD finds the highest offer acceptable, that offer is accepted. HUD also retains the right to refuse all offers.
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