The Chattanooga Association of Realtors® (CAR) has begun a new campaign to help the community understand our current real estate market. The project includes billboards that will be popping up around town with testimonials from real people who are now homeowners in Chattanooga, Tennessee.
The campaign is called Right Time - Right Market. Chattanooga and the surrounding area is a great place to live and CAR is sharing this good news with everyone.
CAR has also created a new website that will help potential buyers and sellers learn more about the Greater Chattanooga Area and the benefits of buying a home. There are a lot of links at the new site, so you can research not only the City of Chattanooga, but the surrounding areas of Southeast Tennessee and Northwest Georgia. Here is quick link to the new website: www.RightTimeRightMarket.com.
Let me know what you think of the site by leaving comments on this blog. If you visit the site and find this is truly is the Right Time - Right Market for you, contact me and we will get to work. I can be found by calling 423-847-8001 or click on www.upwardrealty.com/.
© 2008 UpwardRealty.com
Thursday, May 29, 2008
Wednesday, May 28, 2008
Buying HUD homes with FHA financing
Are you in the market for a house and want to save some money? The Department of Housing and Urban Development (HUD) has some homes on the market that you might need to consider. These are repossessed homes that were originally financed with an FHA loan, but have been taken back by HUD.
Yes, some of these homes do have significant problems, but you can find HUD homes that need just a little work such as some cosmetic attention and you can find HUD homes that need to be gutted and rebuilt. But you do get to inspect the houses before making an offer and you can do a full home inspection during escrow. HUD also has a "Property Condition Report" on line for each house that can be very helpful - but this does not replace a home inspection.
Many of these homes are eligible for FHA insured financing again, and HUD may help you with some incentives. If you are the winning bidder for one of these homes, HUD offers closing cost help as well as help with financing. Your agent will need to request all incentives when your bid is placed. You will need to live in the home you purchase, if you are looking for FHA financing help. Investors can also buy these home, but more traditional financing will be needed.
At present, there is a program called "Buy HUD with FHA" and it is a great option for qualifed buyers on a budget. Under this program, HUD is offering FHA financing with $100 down. The usual down payment for an FHA insured loan is 3%. So, on a $100,000 house, you would pay down $3000 on a regular FHA loan, but with this program, you pay down $100.
There is a catch, HUD says "PLEASE NOTE: These incentives are being offered for a limited time and may expire without notice." So, you need to get going if you want to take advantage of this program.
If you are interested in pursuing a program like this, you will need to work with a HUD approved broker who will have the keys to gain access to these properties. Any licensed real estate agent who has registered and been approved by HUD can help you. Of course, I would hope you would use me or one of my agents. I have helped a number of buyers purchase a HUD home over the years. You can find me at www.upwardrealty.com/ or call me at 423-847-8001. But whoever you select as your agent, ask them some questions and make sure they know the process and have experience assisting buyers with the HUD process.
In any case, if you think you are interested in this program, don't waste time thinking about it, get moving! Remember that bold warning from HUD and contact me or another approved HUD broker today.
You can look for HUD homes and more information on buying HUD homes at http://www.HudHomestore.com. If you have more questions, and you know you will, please don't hesitate to contact me, or you can post comments to this blog.
© 2008 UpwardRealty.com
Yes, some of these homes do have significant problems, but you can find HUD homes that need just a little work such as some cosmetic attention and you can find HUD homes that need to be gutted and rebuilt. But you do get to inspect the houses before making an offer and you can do a full home inspection during escrow. HUD also has a "Property Condition Report" on line for each house that can be very helpful - but this does not replace a home inspection.
Many of these homes are eligible for FHA insured financing again, and HUD may help you with some incentives. If you are the winning bidder for one of these homes, HUD offers closing cost help as well as help with financing. Your agent will need to request all incentives when your bid is placed. You will need to live in the home you purchase, if you are looking for FHA financing help. Investors can also buy these home, but more traditional financing will be needed.
At present, there is a program called "Buy HUD with FHA" and it is a great option for qualifed buyers on a budget. Under this program, HUD is offering FHA financing with $100 down. The usual down payment for an FHA insured loan is 3%. So, on a $100,000 house, you would pay down $3000 on a regular FHA loan, but with this program, you pay down $100.
There is a catch, HUD says "PLEASE NOTE: These incentives are being offered for a limited time and may expire without notice." So, you need to get going if you want to take advantage of this program.
If you are interested in pursuing a program like this, you will need to work with a HUD approved broker who will have the keys to gain access to these properties. Any licensed real estate agent who has registered and been approved by HUD can help you. Of course, I would hope you would use me or one of my agents. I have helped a number of buyers purchase a HUD home over the years. You can find me at www.upwardrealty.com/ or call me at 423-847-8001. But whoever you select as your agent, ask them some questions and make sure they know the process and have experience assisting buyers with the HUD process.
In any case, if you think you are interested in this program, don't waste time thinking about it, get moving! Remember that bold warning from HUD and contact me or another approved HUD broker today.
You can look for HUD homes and more information on buying HUD homes at http://www.HudHomestore.com. If you have more questions, and you know you will, please don't hesitate to contact me, or you can post comments to this blog.
© 2008 UpwardRealty.com
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