how to buy a house using hud funding
DESCRIPTION
This presentation from BankForeclosuresSale.com covers important details on how to buy a house using HUD funding. Learn something more about foreclosure real estateTRANSCRIPT
Contents
Introduction…….......................……......1
HUD Rules..........................................…2
Affordability...……...........................…..2
The Value of the Neighborhood........2
Time for Action....................................3
Conclusion...........................................3
How to Buy a House using HUD Funding
After the financial bubble burst and the foreclosure tsunami rolled through the country, the government introduced tighter lending rules to prevent this happening again. They also strengthened the capability of the Housing and Urban Affairs Department (HUD) to underpin mortgages, and make them easier for deserving Americans to obtain. This combination should help prevent you ever going underwater too. This is how you jump onto the train.
2 HUD Rules
HUD is the boss here, and you must meet their requirements. In return for paperwork, you get a better deal from your lending bank. Both you and the home you want to buy must meet certain standards though. If you do not explain things properly, the government may not understand, and you may not get your loan.Affordability
Nobody is going to lend you more money than you can afford to pay back these days. Get hold of the mortgage calculator on BankForeclosuresSale.com or other sites like Fannie Mae and Freddie Mac. After you punch in a few numbers, you will know exactly how much money you have to spend.The Value of the Neighborhood
HUD is not going to insure you for a housing loan if you pay more for a house than it is worth. This time the Federal Housing Association (FHA) is the one to ask. They have a neat form on their website that you fill in and get an instant answer.
Time for Action
Get the paperwork in place before you go shopping for your new home. We all hate paperwork, but this time the financial institution you prefer knows what to do. Pop by their offices and explain that you need FHA pre-approval. They will smell business for themselves and walk you through the process.
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Who knows why the government has no many different departments when just one should do the job as well? No worries, the HUD process really works. It is almost time to think about the lounge suite and the bedroom curtains for the place that will become your own new home.