Directory:FHA Foreclosures
Name: FHA Foreclosures
Address: 1623 Military RdCity: Niagara Falls
State: NY
Zip: 14304
Country: USA
Email: [mailto:info@fhaforeclosuresblog.info info@fhaforeclosuresblog.info]
Web: http://fhaforeclosuresblog.info
So you want to learn how to gain acces to FHA Properties, well lets first start at the beginning. FHA or the Federal Housing Authority which is also know as (HUD) which stands for Department of Urban and Housing Development is a government program that is steered towards helping Americans buy homes with a low down-payment and flexible credit criterion. This is an incredible program that is geared towards helping people achieve a dream that resides in all of us and that is to own your own home.
A conventional loan with a lender requires a substantial down-payment that for many Americans if they did not receive some sort of assistance they would never be able to take part in home ownership. Anyone can apply for a HUD backed mortgage through there lending institution.
FHA - HUD are essentially an insurance policy for the lenders. They are telling the lenders that it is okay to lend to the prospective homeowner because in the event that there is a default in payment that results in a foreclosure, FHA - HUD will pay off the outstanding loan to the lender and take over ownership of the property. FHA - HUD act like any bank that has foreclosures on their books. HUD does not want to own property their mandate is to help people into home ownership, so if they are forced to repossess a property through the foreclosure process, once HUD has taken possession of a property they want to immediately turnaround and sell that property to a new prospective home owner as soon as possible. As you can well imagine in light of the present housing crisis there are plenty of FHA Properties and HUD Properties available and because HUD wants people back into the properties they are selling their inventory at compelling discounts to the new buyers. It is important to mention that all HUD and FHA Properties are sold as is. This means it is an absolute must to get a home inspection on the property of interest prior to purchase. It is also a good idea to have a contractor go through the property prior to purchase to give you a good idea of what rehab will be needed to bring the property to market value.
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