Colorado Springs Vintage Homes Blog
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Colorado Springs HUD Homes — Part III in FAQ’s
Are you Interested in buying a foreclosed home in Colorado Springs?
4 MORE things to know about HUD homes
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
Related Posts
This is Part III in my series about HUD homes. There are currently some great deals available on HUD homes. They are located all over the U.S; including many in El Paso County, and the list of homes available for sale varies in each bid period. Here’s a partial list of the current HUD homes for sale in El Paso County. There are currently over 50 homes listed on the site for the upcoming bid period ending on 1-12-09. If you would like a complete list, contact Kathy or Nancy and we’ll send the FREE list to you.
| 534 Lynn Ave1925 Chamberlin S1107 Neptune | $81,000$210,000 | 3/1.003/1.003/2.00 |
(10) What type of financing can I get on HUD homes?
You can typically buy a HUD home by Cash, Conventional Financing, or FHA
(11) What if the property needs repairs, can I get financing to cover the cost of the repairs?
There are two different types of FHA financing that are available to home owners who buy a property that needs repairs done them. According to the info on the Michael, Connor, Boul web site, the description of these financing options are:
203(b) – Repair Escrow – Listed as “IE”
When a property needs less than $5000 in repairs to bring it up to Minimum Property Standards, FHA will insure the loan provided the repairs are completed by the Buyer or the Buyer’s agent within 90 days from the date of Closing. It is a cost to the Buyer that the Buyer can finance and add to the mortgage. The Lender monitors and keeps the funds in an escrow account for disbursement on completion of repairs to the Lender’s satisfaction.
203(k) – Rehab Loan – Listed as “IK’ or “UI”
The property has more than $ 5000 in Minimum Property Standards repairs to be done. The Lender must obtain an inspection report from an approved 203(k) Consultant and a new appraisal. Contact your lender for specific costs and details.
(12) Are there any special type of programs for government workers?
Yes, there are eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program
(13) Will HUD pay for buyer closing costs?
Yes, you can request that HUD pay for a portion of a Buyer’s Closing; and this information is included on the original bid document.
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
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