Hakeame_brown, Home Buyer in Stone Mountain, GA

I'm looking for a HUD home in Stone Mountain,Ga to purchase...Do anyone know of a good HUD agent ?

Asked by Hakeame_brown, Stone Mountain, GA Wed Jan 9, 2013

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4
Hi Hakeame - Were you able to connect with a HUD Broker? If not please feel free to reach out to me and I will be able to help you out.

Thanks,
Lily Santiago
978-933-1571
0 votes Thank Flag Link Wed Jan 16, 2013
Hakeame,

Congratulations on your decision to purchase a HUD-owned property. One-hundred dollars sounds really good, doesn't it? Has anyone shared the rest of the story with you?

Here's how the program works. You will be expected to provide anywhere from $500 to $1000 as an earnest money deposit in certified funds when/if your bid is accepted and $400 to $900 will be credited back to you at settlement. At least one well-known national lender still charges $495 for an FHA appraisal on HUD-owned home purchases in Metro Atlanta (although the majority of lenders do not since the FHA appraisal is usually already done). An optional home inspection will likely run from $250 to $350 (non-refundable), but you'll likely be charged a fee of up to $300 for permission to complete the inspections.

There are fewer HUD-owned properties available in Metro Atlanta than in the past. Due to this scarcity, home buyers are offering well above the listed prices to win bids on HUD-owned homes. So in addition to the fees described above, you will be responsible for any dollar amount bid above list price along with the upfront mortgage insurance premium (1.75% of the loan amount). Believe it or not, one HUD asset management firm recently announced plans for their Gwinnett County Properties that will likely make the process even more interesting and complex.

Yes, you should definitely associate with an informed agent and lender who both have extensive recent experience with HUD-owned property transactions.

All my best for a successful home search.

Solomon Greene
Georgia Real Estate Brokers Associate, Lawrenceville REALTOR®, Certified Affordable Housing Counselor, Certified Distressed Property Expert
Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes Thank Flag Link Thu Jan 10, 2013
i am an experienced HUD agent that represents buyers on the entire process for purchasing a HUD home.

I have worked with all three asset managers who manage HUD homes nation wide so I am familiar with their policies.

I can also refer you to lenders who are experienced in HUD FHA loans if you are interested in an FHA loan.

HUD is currently offering a $100 FHA loan option for owner occupants which is the closest thing today to a 100% loan.

contact me if you wold like to learn more details of the HUD process which can be overwhelming, but an experienced agent can make the process seamless.
0 votes Thank Flag Link Wed Jan 9, 2013
To make an offer on a property, you should be represented by a Buyer’s Agent. The Buyer’s Agent will work on your behalf throughout the transaction. This is very important since the Listing Agent represents the seller.

I would be more than happy to recommend an agent to you. Just get in touch with me.

Below are some important items on HUD REO properties that you may want to make sure that you are aware of:

• An owner occupant can purchase a HUD home using FHA financing with only a $100* down payment instead of the normal 3.5% that FHA requires
• HUD limits the seller contribution toward closing costs/pre-paids to 3% of the sales price instead of the normal 6% limit for FHA mortgages
• For properties with FHA required repairs, HUD allows for 110% of the repair costs to be financed into the loan (up to a maximum of $5,000)

*HUD limits the Total Loan Amount (including UFMIP + Repair Escrow Amount) to 100% of the “As-Is” value listed on the http://www.hudhomestore.com website.

For more information on HUD REO properties, visit http://www.hudhomestore.com. To use the $100 down option, the property must be listed on this website and the contract must state the $100 down option.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Wed Jan 9, 2013
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