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 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 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. See what one of our clients had to say about it!
"The program is great!  I heard about it from a friend and had been browsing the site for a while, then I found a place that I liked and made the call. Showcase Realty really helped me out during the whole process and has made it very smooth for me to be able to own my first home. It's a great benefit for people in the service professions to be able to find a great home at an even better price." - Frank H. Physical Education/Health Teacher (Charlotte)

HUD Video Series Chapter 2: The Good Neighbor Next Door Program from ShowcaseRealtyLLC on Vimeo.

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.

Still have some questions? Get the FAQs!
FAQs on PEMCO Properties
FAQs on Ofori Properties
Additional HUD FAQs
For More Information Please Visit

www.hudhomestore.com

www.hudpemco.com

Or, CLICK HERE for homebuyer training with HomeTelos!

 

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