You have got to read this and pass it on to your friends and family. HUD is offering homes at a 50% discount to Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians. You must be a first time home buyer or have not owned a home for 1 year.
What is a HUD home? HUD homes in the simplest form are FHA foreclosures. You can get a 50 percent discount off the HUD appraised value. For example, if HUD lists a home at $200,000, you can buy it for $100,000 provided; you occupy the home as your personal residence for the required 3 year occupancy period. If you qualify for any FHA-insured mortgage program, your down payment is only $100 and your closing cost is covered by HUD.
How it works: Buyers get a 1st mortgage on 50% of the appraised value which is the listed price of the home. They get a 2nd mortgage on the other 50%. Here is the BIG DEAL. . .There are no payments or interest on the second mortgage. If you buy a $200,000 home your payment is based on just $100,000 at a fixed rate which is less that 5% interest. Payment would be approx. $785 on a 30 year fixed loan (this includes taxes and insurance). If you live in the house for 3 plus years then sell the home you keep any equity, profit and appreciation. If you sell the home before the 3 year agreement a prorated portion of the profit will have to be paid back to HUD. If you sell it after three years for what you bought it for you just made $100,000.
Here is the link for more information: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndfaq http://activerain.com/blogsview/2330263/-hud-foreclosures-50-discount-
Please contact me immediatly for a list of all the HUD homes and a time that you would like to start looking. 985-626-1313
