Home Buying in Statham>Question Details

Wlynne, Home Buyer in Statham, GA

Is it possible to purchase a hud home if I currently own my own home that is paid for ?

Asked by Wlynne, Statham, GA Sun Jun 19, 2011

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Dear Wlynne:

You can purchase a HUD home. Hud homes are typically for owner occupied bids. If you plan to live there, then great. Also, check and see if that one is on the 100.00 down special. Hopefully your are with an agent that is versed in HUD homes. Out in Statum GA, I know that Yesway does alot of the listing's out there. Let me know if you need any assistance with an agent or a mortgage.

Remember, with your currect home, you will have to qualify with the taxes and Insurance as well. Plus it has to make sense as to what you own and what your doing with your current home VS buying a new one, as a prim res. Example, the kids moved out and need a smaller home. Or the opposite, got a larger family now... just an example fo course.

I would be honored to assist you with any questions.

Lynel Adams
Sr. Mortgage Originator
Silverton Mortgage Specialist
NMLS 359696
770-318-6740
0 votes Thank Flag Link Mon Jun 20, 2011
You may also want to check out Fannie Mae's foreclosure website (homepath.com). If you decide you want to buy the house as a primary residence, you can also buy any house you want. You just won't qualify for first time owner down payment assistance programs.
You may also want to look into pulling equity (a small amount) out of your house (about $20,000) and pay cash for a house on the court house steps. Sometimes, you can find houses worth $50,000 for $20,000. You won't have to deal with all the mortage financing and fees. Ask a Realtor to go with you to learn how to bid etc.

By the way, your home is not earning money for you while it's paid off. Contrary to what the radio and TV is telling you, the money tied up in your home could be worth millions in a short period of time. If you have any questions about how to leverage your home for a safe retirement income, let me know.

404-644-395
0 votes Thank Flag Link Sun Jun 19, 2011
Well it depends on when! The first 30 days a HUD home is listed for sale it is available to people who are going to own the house as a residence, called an owner occupant. It is also available to Non-profits and government agencies during this same time, but that's not your question. Aftter the first 30 days, then anyone can place a bid on a home whether they intend to live in it or not. Hope that helps! You can go to http://www.HUDHomeStore.com to get more answers to questions about purchasing a HUD owned home and to find a Brokerage that is registered to help you buy a HUD home. Best wishes to you. Darcy DuRant, Broker, CA
0 votes Thank Flag Link Sun Jun 19, 2011
Yes, if you qualify for a mortgage or have the cash for the purchase; see link for additional information...
http://portal.hud.gov/hudportal/HUD?src=/program_offices/hou…
0 votes Thank Flag Link Sun Jun 19, 2011
Absolutely.

There is one little catch:
When a HUD home comes on the Market, it is reserved for OWNER/OCCUPANT buyers for the first 30 days.
If the house is still available after 31 days.

You will need to contact a Realtor who wants to handle a HUD buyer, who is registered withHUD. This will not include all Agents: It is possible that a HUD commission to your Agent could be as little as a few hundred dollars.

One last thought; when buying a SS, REO or HUD you had better be patient; you will not have control of the time, and you will not see a 30 day Escrow.

Good luck and may God bless
0 votes Thank Flag Link Sun Jun 19, 2011
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