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Follows is the process for bidding on a HUD home:

1. Get Prequalified. PHS will prequalify you, and, if necessary, get you preapproved from a Lender for a New York mortgage or Connecticut Mortgage. You must have this prequalification letter in order to make a bid on a HUD home.

2. Work with a HUD Approved Realtor. Only HUD approved Realtors can present offers to bid on HUD homes. You can locate such a Realtor on the HUD website: HUD HOMES

3. Make Your Bid. Your HUD approved Realtor will present your bid in the form of a contract of sale accompanied with your preapproval letter and with your required deposit (usually a certified or bank check in the amount approximately $1500).

4. BID Accepted. Once your bid is accepted you have a finite period of time for PHS to assist you in obtaining a firm commitment from a Lender for a New York mortgage or Connecticut mortgage.

5. CLOSE. Your contract to purchase a HUD home can include up to a 6% Seller’s concession to pay your closing costs. PHS may also assist you in obtaining financing to renovate your new HUD home rolled into one fixed-rate monthly payment under the FHA 203k Program.

6. CONTACT. Your PHS Solutions Provider is ready, willing, and able to assist you with your HUD home purchase right NOW. Complete the form below to get prequalified for a New York mortgage or Connecticut mortgage to purchase a HUD home!

Buy HUD properties NOW!

HUD homes are yet another opportunity for a family to purchase a home using a New York or Connecticut mortgage obtained with the advice and counseling of PowerHouse Solutions. These homes are sold at auction through a closed bidding process.

When you see HUD homes for sale, these are FHA loans that went bad.

The United States Department of Housing and Urban Development (HUD) oversees the Federal Housing Administration (FHA). FHA is an insurance program often used to help families purchase or refinance a home with a New York mortgage. Since it’s an insurance program, it’s designed to protect the Lender in the event a homeowner falls behind on payments and lapses into foreclosure. Under the FHA program, the government doesn’t lend the money to you for your New York mortgage, the Lender does.

When an FHA loan goes into foreclosure, FHA steps in and makes the Lender whole. FHA then completes the foreclosure on the house and HUD becomes the owner of the property. When you see HUD homes for sale, these are FHA loans that went bad.

HUD homes are yet another opportunity for a family to purchase a home using a New York mortgage obtained with the advice and counseling of PowerHouse Solutions. These homes are sold at auction through a closed bidding process.

The prequalification consultation and the Credit Report are FREE!

 

Prequalification For HUD Home Purchase
Have you contacted a HUD Approved Realtor?
No Yes
If Yes, have you placed a bid on a HUD home?
No Yes


Please enter name and telephone of your HUD Approved Realtor:
HUD Approved Realtor
Telephone


Your Contact Information
First Name
Last Name
Email
Home Phone
Cell Phone
Best Time To Call
Home Address
City
State
Zip
Where would you like to buy
Your combined household income
How Would You Rate Your Credit?
Credit Score Rating Definition
When do you want to be in your new home?
 

 

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