You will need to get pre-approved and have a $1,000 money order to place a bid. http://www.HUDhomeStore.com is the best place to research homes. HUD lists their homes there. If the home has an escrow, there is work required to be done. There is currently a $100 down program for owner occupants who are buying HUD homes. If you want to limit the amount of money you bring to the closing, ask for 3% in closing costs and calculate your maximum offer as follows: as-is appraised value minus any required repairs minus the 1.75% up front mortgage insurance funding fee.
And find an experienced HUD registered broker to guide you through the process.
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Call me when you have the time. Or apply securely online!
Whomever you choose, be sure your Realtor have the knowledge and experience to share with you as it will help you along the way.
Buying a HUD owned home can be a lot of fun and you can save some money too!