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. Below are some FAQâ€™s and links to HUD properties for Sale in Philadelphia, Bucks, Montgomery & Delaware Counties.
Please let me know if you have any questions regarding purchasing a HUD Home.Â
Buyer can receive up to 3% Seller Assist.
Buyer is responsible for all "Transfer Tax" & "U&O" if required in that Township.Â
Starting list price is what the property appraised for.
Insurable- No repairs are necessary for an FHA 203b Mortgage.
Insurable with escrow- Less than 5k in repairs are necessary for an FHA 203b Mortgage. Â
Uninsurable- Repairs are more than 5k. Not eligible for FHA 203b, FHA 203k would be possible.
HUD Homes are exclusive to Owner Occupants for 5 days for uninsurable and 30 days for insurable & insurable with escrows. Â
HUD Homes are Sold "As Is".
Earnest Deposit is $500 for under 50k & $1,000 for over 50k.
You need to use an agent who is Licensed to Sell HUD Homes to represent you.