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. 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.
Philadelphia HUD Properties
Bucks County HUD Properties
Montgomery County HUD Properties
Delaware Count HUD Properties