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.
Sr. Mortgage Originator
Silverton Mortgage Specialist
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.
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