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HUD Homes

WHAT IS A "HUD" HOME? A HUD (U. S. Department of Housing and Urban Development) home is a property that was previously financed with a FHA mortgage and the former owner defaulted on the loan. The mortgage company then submits a claim against the FHA insurance fund to HUD. HUD then pays the claim and the mortgagee subsequently deeds the property to HUD.

Homes are bought through bids submitted over the internet. All bids must be submitted through a REALTOR approved by HUD. Not all REALTORS have gone through the approval process. Of course, Innovative Real Estate Services has and we are ready to assist you.

Purchasers MUST be pre-qualified, as a primary lender letter is required for each bid. Contact us for bank and/or mortgage companies. The buyer’s pre-qualification letter MUST state:
• The lender has run an in-file credit report on the buyer
• The lender has verified the buyer’s funds needed to close
• The lender has examined the buyer’s year-to-date income

HUD has specific but fairly simply rules to follow. We can get you started on the path to purchasing a house for your residence or for investments. Just give us a call! We will be happy to answer any questions you might have.

Chris Furgerson, REALTOR®

350 N. Court St., Suite 300
Lapeer, Michigan 48446
248.770.9910 Fax:810.664.8393

Email: chris@cfurg.com Website: www.cfurg.com
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Copyright 2012 by Chris Furgerson. All rights reserved.