Home Buying in Chicago>Question Details

Albert, Other/Just Looking in Chicago, IL

How does HUD help home buyers and home owners, what does it do?

Asked by Albert, Chicago, IL Mon Mar 11, 2013

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Todd Akes and Team’s answer
Hi Albert,
HUD insures lenders against mortgage losses through foreclosure originatiing with an FHA loan. FHA loans allow a minimum down payment of 3.5%. They are normally utilized by first time buyers due to the low initial buy in cost.

Hope this helps,
Todd Akes
1 vote Thank Flag Link Mon Mar 11, 2013
Purchasing a home owned by HUD also gives you special programs with $100 down and allows repair escrow to homes that need a little work. Most lenders don't allow repair escrow. All homes are FHA approved and some are approved for fha renovation loans.
0 votes Thank Flag Link Mon Mar 11, 2013
With minimal down payment and lower credit scores a buyer can purchase a home through and FHA loan.
0 votes Thank Flag Link Thu Mar 14, 2013
Basically HUD helps buyers get into homes with as little as 3.5% down. There programs also allow higher debt ratios and limited credit history. As little as one year of credit history. FHA program helps many home buyers
0 votes Thank Flag Link Tue Mar 12, 2013

Todd and Sal hit the nail on the head. HUD is an insures lenders against mortgage losses.
0 votes Thank Flag Link Mon Mar 11, 2013
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