Nancy Braun, Owner & Broker-in-Charge of Showcase Realty, LLC, is a Neighborhood HUD-Home Listing Broker and is highly-trained and experienced in assisting buyers with purchasing HUD homes.
What is a Charlotte NC HUD Home?
- 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage.
- HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
- HUD homes are sold as-is.
Primary Goal: To improve and stabilize neighborhood conditions by promoting homeownership.
Who Can Buy a Charlotte NC HUD Home? There are 3 types of buyers:
1. Owner-Occupants - Must live in the house for 12 months. May not have purchased another owner occupant home in the past 24 months.
2. Investors - Can only bid on HUD Homes in the extended phase.
3. Nonprofit and/or Government Agencies - Must be approved through their local Homeownership Center (HOC) to buy a HUD Home.
Listing Codes Differentiating Finance Types for HUD-Owned Properties:
1. Insurable (IN): Eligible for FHA Financing.
2. Insurable with Escrow Repairs (IE): Certain repairs (not to exceed $5,000.00) are required to meet Minimum Property Standards for an FHA mortgage. These properties can qualify for FHA mortgage if the purchaser and lender establish a repair escrow at the closing for the completion of repairs within 90-days of closing.
3. Uninsured (UI): Certain repairs and or improvements are required to be eligible for an FHA 203(k) mortgage. Required repairs on most of these properties have the option to purchase “as-is” with cash or conventional financing. They are also eligible for FHA 203(k) mortgage if the required repairs are made within 90 days of closing.
Special Programs Offered by HUD:
1. Good Neighbor Next Door: Certain properties marked on HUDHomeStore.com are available at a 50% discount for school teachers, police officers, EMTs and firefighters.
2. $100 Down Program: Available for owner occupants purchasing a HUD Home with FHA Financing. They must live in the home for at least one year and offer the full asking price. Investors are not applicable.
3. Dollar Homes: Offers local governments the opportunity to purchase qualified HUD Homes for $1 each.
4. Non-Profit Agency HUD Program: An approved non-profit agency can get a discount up to 30% off the appraised value. They can then fix up the property and resell to first-time homebuyers and low- or moderate-income families.
5. Lottery: All properties located in revitalization areas and some uninsured properties are available to GNND, Non-Profit & Government Agencies during a 7-Day lottery period.
To Begin Searching For NC HUD Homes Click Below!
Charlotte NC HUD Homes - (Video Tours)
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