Search for home from HUD and then contact us at 404.814.4634 or 800.772.1193 and ask for Peter Knap at extension 706 for the financing. If you find a home you want to inspect, Contact us and we will provide you with a Agent. Before you put in a offer on a home, you must have your loan approved. – Don’t wait, these homes go fast – Apply On-line today - CLICK HERE

#2 -Contact Network Funding, LP- Certified HUD lender

In order for HUD to accept an offer on your home, you need to call us to provide them with an approval letter stating that you been Income and Credit qualified for a Foreclosed home that you placing an offer on. All Borrowers must have scores of 620 and above and should be able to close on the home in less than 90 days . This mortgage product is not for investors but for borrowers who will be living in the property as their primary residence. FHA / HUD 100 program will allow up to $5,000 of HUD approved repairs to be financed into the loan to repair the to the property.

Real Estate Agents who want to know more about the product, please give us a call at 404.814.4634 or 800.772.1193 extension 706.

Most asked Questions and Answers:

Q: Is all we have to put down is a $100.00 to buy a HUD Home?

A: Yes and No- You are required to put a $1,000 earnest money down as security deposit which you will credit minus the $100.00 at closing. Also, You must pay for a septic inspection ( if not on City Sewer). Depending on the state and when the home was put in the market, FHA / HUD may give back up to $1,000 as an incentive if you do an offer on a home less than 30 days in has been on the market.

Q: The Foreclosed home we are looking at needs repairs- Do I need to pay for them up front?

A: No and Yes – FHA/ HUD has inspected the property and they will allow you up to $5,000 of repairs to be done after the closing which can be financed into the loan: i.e: Worn rugs, Paint, HVAC, Roof etc…You will need to get licensed and bonded contractor bids for the work and they will be paid to the contractors at closing. Review the Hud Inspection reports that are attached to the property you are interested in . It will tell you how much funds are available for repairs. We provide you with the repair check after the work has been done. We recommend to use Lowes or HomeDepot for these type of repairs since they are very familiar with this program.

Q: How long does it take to close on one of these Foreclosed properties?

A: If all your required documents are submitted to Network Funding, LP in Atlanta , we can close in as little as 15 business days, No matter where the property is located.

Q: Can we buy this homes as Rental or Investment Property ?

A: You can with conventional financing , not FHA Financing. The minimum Down payment to buy this as an Investment property will be 20% of the purchase price and you must have very good credit or you would need to pay cash for the homes.

Q: I was told that these home could be in bad sections of town or they need a lot of repairs?

A: Do your homework: Many of these homes are in great school districts, and great areas of town.. When you find a home that you like, you must act quick. They are going fast. That is why is important to get approved first before you ask a certified HUD agent to show you a foreclosed home. Get approved today _ CLICK HERE

Q: I tried to place offers on these Foreclosed homes but they all ready have contacts on them.

A: We do not encourage home buyers to low ball ( offer less on what the site is asking for) these homes. They have already been discounted up to 50% or more on what they were worth a few years ago. HUD / FHA only accepts one offer at a time and you will be looking for homes for a very long time.

Q: Can I go to my local bank to get financing buy Foreclosures ?

A: In most all cases the answer is No :Banks must be able to process and fund these loans that needs special financing and have different guidelines. That is why we encourage to call us at 800.772.1193 – 404.814.4634 ext 706 and speak to Mr.Knap .

Q: Can I use any Real Estate Agent to help me look for a HUD / FHA Foreclosure?

A: The agent should be a “Hud Approved Agent” That has been through training what it is involved and the type of contacts that are needed on these types of Foreclosed homes. If you need an Real estate to help you. Please contact us and we will direct you to the right RE Agent.

Q: My Tax return Income does not show enough to qualify for this mortgage, can I use a Non-Occupied Co-borrower for my loan?.

A: No – All borrowers must live in the property after closing.