If you are inquiring about the loan qualification, the loan qualifications as a normal transaction. The down payment is the same 3.5% for FHA and 20% for a conventional. Buying a home through HUD is more complicated process. If you contact me, I will be able to explain more.... more
HUD owned typically describes those owned by Fannie Mae and Feddie Mac. In a nutshell these are reposessed homes that are now offered through the servicer or bank who held the mortgage at the time of foreclosure or reposession. There are a few great ways to finance these types of homes. See the link below or go to wichitahomeloans.com for easy application!... more
It's a home that has been foreclosed on and the loan was guaranteed by the Department of Housing and Urban Development or HUD.
The advantage of buying a HUD home is there are various financing programs that are available to buyers of HUD homes. The disadvantage is not all agents have access to HUD homes as they use a keyed access system in which the broker has to have the 'HUD keys' to show the property.
Follow the link for a listing of HUD homes in Kansas... more