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************************************************************************ Do you know...? The U.S. Department of Housing and Urban Development (HUD) wants to make American communities stronger and to build a safer nation is creating a special program that will increase the opportunity to purchase a home. Who can qualify...? Law Enforcement: if you are employed full-time by a law enforcement agency of the federal government, a state, a unit of general local government, or an Indian tribal government. Teachers: if you are employed as a full-time teacher by a state-accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12.Firefighter/Emergency Medical Technicians: if you are employed full-time as a firefighter or emergency medical technician by a fire department or emergency medical services responder unit of the federal government, a state, unit of general local government, or an Indian tribal government. Please review some of the must frequent questions… 1. Do I Have to Use a Real Estate Broker or Agent to Buy a HUD Home? Answer: Yes. 2. How Much of a Discount Can I Get on a HUD Home under this program? Answer: You can get a 50 percent discount off the HUD appraised value. For example, if HUD lists a home at $100,000, you can buy it for $50,000 provided; you occupy the home as your personal residence for the required occupancy period. If you qualify for any FHA-insured mortgage program, your down-payment is only $100 and you may finance closing costs. 3. Where Are These Homes Located? Answer: The HUD homes are located in designated Revitalization Areas. There are hundreds of Revitalization Areas located in the United States. 4. Can I Bargain with HUD on the Price of the Property? Answer: No. You must offer the exact HUD list price when bidding on any of the properties. Then you get a 50 percent discount off of that list price if you qualify. 5. What Kind of Mortgage Financing Do I Need? Answer: You may use FHA, VA, or conventional mortgages, or cash. HUD requires you to sign a Second Mortgage and Note on the discounted amount (which is $50,000 in the example above). No interest or payments are required on this "silent second" mortgage if you live in the home for the entire 36 month (3 years) occupancy period. You may be required to pay a pro-rata portion of the discount to HUD should you fail to fulfill the three year occupancy requirement. 6. What is the Occupancy Period? Answer: You must live in the home as your sole residence for a full 36 months. The purpose of the program is to strengthen communities by encouraging employed, professional law enforcement officers, teachers and firefighters/emergency medical technicians to live in the community. You will have 30, 90 or 180 days to move into the home you purchase, depending on HUD's determination of the condition of the home and the level of repairs that may be required, if any. The 30th, 90th or 180th day is the start date for the occupancy period. You will be released from all obligations under this program at the end of the 36th month following the start date. HUD views the occupancy obligation seriously and vigorously pursues violators to the fullest extent of the law. 7. How Does HUD enforce the 3-year Residency Requirement? Answer: The participant must certify he or she is living in the home as a sole residence at the time of purchase and each year after that. HUD can conduct spot checks to make sure the home is your sole residence at any time during the 3-year period. You also must sign a note and mortgage for the discount amount. HUD may foreclose this mortgage if you do not comply with the 36-month occupancy requirement. 8. Which properties can qualify? Answer: Only buy single unit homes, townhouses, and condominiums. Don’t wait no more, if you think that you can qualify or if you would like additional information, please call me at 407-339-5757 or email your request to Alexandra@RealEstateHunters.com. or via Skype: alexandra.arenagil. I would love to assist you. Sincerely, Alexandra Arena-Gil Broker/Owner – Real Estate Hunters LLC Instructor – MCT Real Estate School 407-236-0120
PGo Green: Please do not print unless you really need to. Lic. Real Estate & Mortgage Instructor Lic. Mortgage Broker Lic. Real Estate Broker Lic. Auctioneer AU:3535 NAHREP Code of Trust Certified Professional 2008 - 2009 NAHREP Membership Chairman, Board Member 2008 - 2009 OSCAR Member 2008 - 2009 OSCAR Hispanic Network Committee Vice-Chair 2008 - 2009 OSCAR Central Florida International Alliance 2007 - 2008 ORRA Diversity Vice-Chair 2009 FAR Auctioneer Committee 2009 FAR Virtual World Committee 2003 - 2009 Florida Association of Realtors 2003 - 2009 National Association of Realtors 2005 - 2009 Florida Association of Mortgage Brokers 2006 - 2007 National Association of Auctioneer |