What do I need to know about HUD Homes?

What Do I Need To Know About HUD Homes?

Louisville Ky HUD Homes For Sale

What is a HUD Home?
A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

7510 Louisville Rd. Cox’s Creek KY

Who Can Buy a HUD Home?

Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
If you are an evacuee displaced by Hurricane Katrina, Rita or Wilma, you may be eligible to purchase a HUD Home at a discounted price.

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Should I Get a Home Inspection?

HUD does not warrant the condition of its properties and will not pay for the correction of defects or repairs. Since the new owner will be responsible for making needed repairs, HUD strongly urges every potential homebuyer to get a professional inspection prior to submitting an offer to purchase.

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If you are interested in acquiring a HUD Home that is in need of repair, you may be interested in applying for an FHA 203(k) Rehabilitation Loan. When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property.

12230 Ridgemont Drive Louisville

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Louisville Kentucky Homes For Sale – Buying Foreclosures*

My Website includes information on homes and properties in Louisville, Middletown, Jeffersontown, Fern Creek, Hikes Point, St. Matthews, Highlands, Glenmary, Germantown, Buechel, Highview, Hillview, Okolona, Audubon, Iroquois, Fairdale and Hurstbourne, in the city of Louisville, KY. Multiple listing service data is provided by Greater Louisville Association of Realtors, GLAR, and also includes real estate property and homes, condos, HUD HOMES, KYHUDHOMES and town homes in the surrounding cities of Fisherville,Taylorsville,Eastwood,Anchorage,Shively,Crestwood,Goshen,Prospect,Lyndon,English Station, Lake Forest, Douglas Hills, Northfield, Valley Station, Pleasure Ridge Park, West End, Downtown, Old Louisville, Portland and Pewee Valley, covering real estate, including investment property for sale in AREA 00 ,AREA 01, AREA 02, AREA 03, AREA 04, AREA 05, AREA 06, AREA 07, AREA 08, AREA 09, AREA 10, AREA 11, AREA 12, AREA 13, AREA 14, AREA 15, AREA 16, AREA 17, AREA 18, AREA 19, AREA 20, AREA 21, AREA 22, AREA 23, AREA 24, AREA 25, AREA 26, AREA 27, AREA 28, AREA 29, AREA 30, and AREA 31 represented by Realtors, Auctioneers, brokers and real estate agents in those regions. People who search the LOUISVILLE MLS home listings, whether relocating or buying a first home in Louisville, KY, will find useful information on rent-to-own homes, auctions, home for sale, homes for lease, condominiums, town homes, luxury homes, executive homes, and new developments, to buy or sell, with additional information on schools and regional highlights. Homebuyers and sellers can find information on properties through LOUISVILLE MLS search on residential real estate or other properties. Keith Pound is a licensed Realtor, auctioneer and has expert knowledge of the properties in these communities. This web site is a resource for real estate, real estate auctions, bank owned property, REO properties, foreclosures, pre-foreclosure, HUD, HUD properties, LOUISVILLE HUD homes, KYHUDHOMES, as is, fixer upper, short sales, subject to lender approval, investment property, relocation, rental property, buying property with no money down and lease purchase option homes. Properties available in the following zip codes,40201, 40202, 40203, 40204, 40205, 40206, 40207, 40208, 40209, 40211, 40212, 40213, 40214, 40215, 40216, 40217, 40218, 40219, 40220, 40221, 40222, 40223, 40224, 40225, 40226, 40227, 40228, 40229, 40241, 40242, 40243, 40244, 40245, 40258, 40272, 40291, 40299.HUD HOMES IN Cities including: Bagdad, Ballardsville, Bardstown, Bedford, Bloomfield, Bondville, Boston, Buckner, Burgin, Chaplin, Cornishville, Cox’s Creek, Crestwood, Fairfield, Finchville, Frankfort, Georgetown, Goshen, Grolier Books, Harrodsburg, Hatton, Highgrove, Howardstown, Keene, LaGrange, Lawrenceburg, Lenore, Lexington, Locust, Mackville, Maud, Midway, Milton, Mount Eden, Nazareth, New Haven, New Hope, Nicholasville, Pewee Valley, Sadieville, Saint Catharine, Salvisa, Samuels, Shelbyville, Springfield, Stamping Ground, Taylorsville, Trappist, Versailles, Waddy, Westport, Willisburg, Wilmore
KENTUCKY HUD HOMES FOR SALE IN Zip codes including: 40003, 40004, 40006, 40008, 40010, 40012, 40013, 40014, 40020, 40022, 40026, 40031, 40032, 40040, 40045, 40046, 40048, 40051, 40052, 40056, 40061, 40065, 40066, 40069, 40071, 40076, 40077, 40078, 40107, 40310, 40324, 40330, 40339, 40340, 40342, 40347, 40370, 40372, 40379, 40383, 40384, 40386, 40390, 40502, 40503, 40504, 40505, 40506, 40507, 40508, 40509, 40510, 40511, 40512, 40513, 40514, 40515, 40516, 40517, 40522, 40523, 40524, 40526, 40533, 40536, 40544, 40546, 40550, 40555, 40574, 40575, 40576, 40577, 40578, 40579, 40580, 40581, 40582, 40583, 40584, 40585, 40586, 40587, 40588, 40590, 40591, 40592, 40593, 40594, 40595, 40596, 40598, 40601, 40602, 40603, 40604, 40618, 40619, 40620, 40621, 40622
KENTUCKY HUD HOMES IN Counties including: Anderson, Fayette, Franklin, Jessamine, Mercer, Nelson, Oldham, Scott, Shelby, Spencer, Trimble, Jefferson, Bullitt, Hardin, Washington, Woodford

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What Do I Need To Know About HUD Homes?

Louisville Ky HUD Homes For Sale