504 Meisel Ave Springfield Twp., NJ 07081-2728

Check out this spacious HUD Home on Meisel. Want a virtual tour...Just click the address link below!

504 Meisel Ave Springfield Twp., NJ 07081-2728

65 Woodcrest Cir Springfield Twp., NJ 07081-1516

 4 bedroom HUD Home on Woodcrest. Take a look at the virtual tour! Just click the address link below!

65 Woodcrest Cir Springfield Twp., NJ 07081-1516

34 Old Woodland Trl Jefferson Twp., NJ 07438-9603

Take a look at this cozy HUD Home. Click the address link below for more information!

34 Old Woodland Trl Jefferson Twp., NJ 07438-9603

Buying a HUD Home

What is a HUD Home?

A HUD home is a 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.
The following information is provided as an introduction to the process through which HUD homes can be purchased. You can either scroll down the page, or access specific topics through the following topic menu. Additional links provided in the menu to the right provide access to FHA program and policy information for homeowners, homebuyers, and members of the mortgage lending and real estate industry.

Who Can Buy a HUD Home?

Anyone who has the required cash or can qualify for a loan (subject to certain restrictions) may buy a HUD Home.  HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

Should I Get a Home Inspection?

HUD does not warrant the condition of its properties and will not pay for the correction of defects or repairs. Since the new owner will be responsible for making needed repairs, HUD strongly urges every potential homebuyer to get an inspection from a licensed  professional home inspector prior to submitting an offer to purchase.
If you are interested in acquiring a HUD Home that is in need of repair, you may be interested in applying for an FHA 203(k) Rehabilitation Loan. When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. FHA's 203(k) Rehabilitation Loan is designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property.

What About Financing?

HUD does not provide direct financing to buyers of HUD Homes. Buyers must obtain financing through either their own cash reserves or a mortgage lender. If you have the necessary available cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. While HUD does not provide direct financing for the purchase of a HUD Home, it may be possible for you to qualify for an FHA-insured mortgage to finance the purchase.

Does FHA Offer Any Special Discount Sales Programs?

FHA REO properties located in designated Revitalization Areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments. Read more about these Good Neighbor Next Door Initiatives.  You can also view maps of REO properties and special programs such as Revitalization Areas with HUD's Single Family Home Locator.

Where Can I Learn About Available HUD Properties?

Any single family property acquired by HUD FHA will display a sign identifying who is managing the property before it is listed for sale. During this time the property is appraised, title issues are resolved, if necessary, and a determination is made about the property's eligibility for HUD's discount sales programs. Property listings are posted on HUD Home Store. For more information, contact the  Management and Marketing Contractor serving your area

Additional Information About HUD Homes and Other FHA Programs

If you have more questions about the sale and purchase of FHA-insured homes, contact the Field Service Manager or Asset Manager Contractor that manages the FHA housing portfolio in your community. For more information about FHA and its programs, contact the FHA Resource Center.

https://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/reobuyfaq#top

"HUD Homes: The Best Deal You've Never Heard Of"

HUD Homes: The Best Deal You’ve Never Heard Of

What Are HUD Homes, And What's So Great About Them?

HUD homes are foreclosure properties. They were originally financed with FHA mortgages, which are backed by the US Department of Housing and Urban Development, or HUD.
Because they are government-backed, buying a HUD home is not like bidding for mysteriously-trashed properties on the courthouse steps.
You may be able to get a nice house at a nice discount by purchasing a HUD home.

HUD Homes: Dos And Don'ts

Under the right circumstances, HUD homes can represent great deals. But it's not all roses and rainbows -- there are downsides, too, and potential mistakes to be made.
Even a cheaper home is an expensive purchase, and still requires care. To find out if this is a potential home-buying avenue for you, look at the ins and outs of buying a HUD home.

You're Not Dealing With A Person

A HUD home is a property with up to four units, financed with an FHA mortgage. If the borrowers default (fail to repay) their FHA loan, the house is foreclosed and the property must be put up for sale.
Because HUD insures the FHA mortgage that financed the building, HUD becomes the property owner. The agency attempts to recover some of its losses by putting the property up for sale.
HUD uses a regional "management and marketing" contractor to prepare the building for sale and market it. Buyers must use licensed real estate agents to make their offers.
In other words, you'd actually purchase the home from HUD, not an individual seller.
This is not a deal in which you can influence the purchase price by writing a nice letter or finding fault with the house.

Buying HUD Homes: Don't Expect To Steal The House

You can get a screaming deal on a HUD home if you qualify for HUD's Good Neighbor Next Door program. If you meet its guidelines, you may be eligible for a 50 percent discount on HUD homes located within designated "revitalization" areas.
To apply for the program, you must be a law enforcement officer, teacher, firefighter, emergency medical technician, or meet guidelines for programs established by nonprofits and local governments.
However, if you don't qualify for any special program, don't expect a HUD foreclosure to be deeply discounted.
Understand that "foreclosure" or "short" sale is not some sort of code for "stealing a house." In fact, HUD's own guidelines states that it has a legal obligation to get a fair price for the property to protect its insurance fund (and US taxpayers).

HUD Homes: The Upside

• You don't have to deal with competition from investors. If you're planning to purchase a home that will be your primary residence, you won't have to worry about investors beating you out with a cash bid. For HUD homes, owner occupant buyers have a 30-day window in which investors are not allowed to bid.

• You may have assistance with closing costs. HUD may cover buyers' closing costs of up to three percent  of the purchase price; this must be negotiated during the bidding phase.

• There is less haggling. When going through the process of buying a HUD home, there is no back and forth with a seller to try to negotiate price. Instead, the highest acceptable  owner-occupant offer will be chosen.

What is this "highest acceptable" number? HUD does not say on its Web site. However, a 2015 analysis of 300 sales nationwide found that on average, houses remained on the market fewer than ten days and sold for more than 95 percent of their list prices.
You are, however, allowed to present any offer you wish.
Next, take a look at some of the potential drawbacks  of a HUD home purchase.

HUD Homes: The Downside

• Prices might not be as favorable as you think. Research carefully to avoid an unwise investment. Use widely-available online tools to find out what the neighborhood is like. See how nearby, comparable properties are priced, and what the former owner paid for the home.

• Buyer beware. Even if you discover that the listing price is fantastic, understand that HUD homes are sold “as is.” Do a visual inspection before submitting your bid. Once you're under contract, order and pay for an inspection to determine if the property needs major renovations or has structural damage. Your real estate agent should write an offer that protects your interests if any major issues come up.

• Time can make problems worse. Many foreclosure properties are unoccupied for some time before the official legal filing. The longer they sit, the more problems can worsen. Whether it's a roof leak, mold in the basement, or unruly landscaping, consider the cost of deferred maintenance when you make an offer.

Where To Find HUD Homes

You can find HUD home property listings on the HUD Home Store website. Keep in mind that HUD homes are appraised and priced at or near their fair market value. This price is determined by the marketing and management contractor. In some cases, prices are reduced further if an inspection turns up major problems.
You must work with a licensed real estate agent to submit your bid and represent your interests.
Once a property is put on the market, the Initial Listing Period begins. HUD opens the bidding and takes offers on the property. Bids from prospective owner-occupants during the first ten calendar days will be given the highest priority. Investor offers are only considered if no acceptable owner-occupant buyers turn up.

Financing A HUD Home

You don't need to buy your HUD home with an FHA mortgage, although it may be easier to qualify under that program.
However, if your HUD home requires major renovations to make it safe and habitable, consider the FHA 203(k) program to cover the purchase plus renovation costs.
According to HUD, escrows complete in 30-to-60 days. It's a good idea to be pre-approved for your home loan before you start bidding, and keep your loan file up-to-date with current paycheck stubs, account statements, etc.
HUD Homes can be a good option for homebuyers, especially first-timers trying to compete with cash investors.  Work with a lender and real estate agent you trust to help you pull off a smart buy.

http://themortgagereports.com/24184/hud-homes-the-best-deal-youve-never-heard-of

 

HUD's Mission

HUD's Mission - https://portal.hud.gov/hudportal/HUD?src=/about/mission

HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination, and transform the way HUD does business.

Attention All Buyers!

Federal Housing Administration (FHA) Information

The Federal Housing Administration (FHA) - https://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory

 

What is the Federal Housing Administration?
The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.

What is FHA Mortgage Insurance?
FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. The lenders bear less risk because FHA will pay a claim to the lender in the event of a homeowner's default. Loans must meet certain requirements established by FHA to qualify for insurance.

Why does FHA Mortgage Insurance exist?
All Loan Terms (Greater than 15 years and less than or equal to 15 years):

LTV greater than 90%
Annual MIP will be collected until the end of the loan term, or 30 years, whichever occurs first.

LTV less than or equal to 90%
Annual MIP will be collected until the end of the loan term, or 11 years, whichever occurs first.
You also have to pay the 1.75% for any amount of loan at all LTVs.

How is FHA funded?
FHA is the only government agency that operates entirely from its self-generated income and costs the taxpayers nothing. The proceeds from the mortgage insurance paid by the homeowners are captured in an account that is used to operate the program entirely. FHA provides a huge economic stimulation to the country in the form of home and community development, which trickles down to local communities in the form of jobs, building suppliers, tax bases, schools, and other forms of revenue.
The History of FHA
Congress created the Federal Housing Administration (FHA) in 1934. The FHA became a part of the Department of Housing and Urban Development's (HUD) Office of Housing in 1965.
When the FHA was created, the housing industry was flat on its back:

• Two million construction workers had lost their jobs.
• Terms were difficult to meet for homebuyers seeking mortgages.
• Mortgage loan terms were limited to 50 percent of the property's market value, with a repayment schedule spread over three to five years and ending with a balloon payment.
• America was primarily a nation of renters. Only four in 10 households owned homes.

During the 1940s, FHA programs helped finance military housing and homes for returning veterans and their families after the war.
In the 1950s, 1960s and 1970s, the FHA helped to spark the production of millions of units of privately-owned apartments for elderly, handicapped and lower income Americans. When soaring inflation and energy costs threatened the survival of thousands of private apartment buildings in the 1970s, FHA's emergency financing kept cash-strapped properties afloat.
The FHA moved in to steady falling home prices and made it possible for potential homebuyers to get the financing they needed when recession prompted private mortgage insurers to pull out of oil producing states in the 1980s.
By 2001, the nation's homeownership rate had soared to an all time high of 68.1 percent as of the third quarter that year.
The FHA and HUD have insured over 34 million home mortgages and 47,205 multifamily project mortgages since 1934. FHA currently has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio.
In the 80 years since the FHA was created much has changed and Americans are now arguably the best housed people in the world. HUD has helped greatly with that success.

History of HUD

HUD History - https://portal.hud.gov/hudportal/HUD?src=/about/hud_history

History 1937 U.S. Housing Act of 1937 1965 Department of Housing and Urban Development Act of 1965 creates HUD as Cabinet-level agency. 1966 Robert C. Weaver becomes the first HUD Secretary, January 18. 1968 Riots in major cities follow assassination of Dr. Martin Luther King Jr. Civil Rights Act of 1968 (also known as the Fair Housing Act) outlaws most housing discrimination, gives HUD enforcement responsibility. Housing Act of 1968 establishes Government National Mortgage Association (Ginnie Mae) to expand availability of mortgage funds for moderate income families using government guaranteed mortgage-backed securities. 1969 Robert C. Wood receives recess appointment as HUD Secretary, January 7. George C. Romney is appointed HUD Secretary by President Richard M. Nixon, January 22. 1970 Housing and Urban Development Act of 1970 introduces Federal Experimental Housing Allowance Program and Community Development Corporation. 1972 Pruitt-Igoe public housing buildings in St. Louis are demolished. 1973 President Nixon declares moratorium on housing and community development assistance. James T. Lynn becomes HUD Secretary, February 2. 1974 Housing and Community Development Act consolidates programs into Community Development Block Grant (CDBG) program. Section 8 tenant-based certificates increase low-income tenants' choice of housing. Gerald R. Ford becomes president following Nixon's resignation. 1975 Carla A. Hills is appointed HUD Secretary, March 10. 1977 Patricia R. Harris is appointed HUD Secretary by President James E. Carter, January 23. Urban Development Action Grants (UDAG) give distressed communities funds for residential or nonresidential use. 1979 Moon Landrieu becomes HUD Secretary, September 24. Inflation hits 19 percent, seriously impacting homebuying and home mortgage loans. 1980 Depository Institutions' Deregulation and Monetary Control Act of 1980 changes rules governing thrift institutions, expands alternative mortgages. 1981 Samuel R. Pierce Jr. is appointed HUD Secretary by President Ronald W. Reagan, January 23. Interest rates for FHA-insured mortgages peak at 15.17 percent (up from 7 percent in 1972). 1983 Housing and Urban-Rural Recovery Act of 1983 begins Housing Development Action Grant and Rental Rehabilitation programs. 1987 Stewart B. McKinney Act sets up programs to help communities deal with homelessness. 1988 Indian Housing Act gives HUD new responsibilities for housing needs of Native Americans and Alaskan Indians. Housing and Community Development Act allows sale of public housing to resident management corporations. Fair Housing Amendments Act makes it easier for victims of discrimination to sue, stiffens penalties for offenders. 1989 Jack F. Kemp is appointed HUD Secretary by President George H. W. Bush, February 13. Financial Institutions' Reform, Recovery, and Enforcement Act bails out failing thrift institutions. 1990 Cranston-Gonzalez National Affordable Housing Act emphasizes homeownership and tenant-based assistance, launches HOME housing block grant. Low-Income Housing Preservation and Residential Homeownership Act of 1990 fortifies Federal commitment to preservation of -assisted low-income, multifamily housing. 1992 Federal Housing Enterprises' Financial Safety and Soundness Act of 1992 creates HUD Office of Federal Housing Enterprise Oversight to provide public oversight of FNMA and Federal Home Loan Mortgage Corporation (Freddie Mac). 1993 Henry G. Cisneros is named Secretary of HUD by President William J. Clinton, January 22. Empowerment Zone and Enterprise Community program becomes law as part of the Omnibus Budget Reconciliation Act of 1993. 1995 "Blueprint for Reinvention of HUD" proposes sweeping changes in public housing reform and FHA, consolidation of other programs into three block grants. 1996 Homeownership totals 66.3 million American households, the largest number ever. 1997 Andrew M. Cuomo is named by President Clinton to be Secretary of Housing and Urban Development, the first appointment ever from within the Department. 1998 HUD opens Enforcement Center to take action against HUD-assisted multifamily property owners and other HUD fund recipients who violate laws and regulations. Congress approves Public Housing reforms to reduce segregation by race and income, encourage and reward work, bring more working families into public housing, and increase the availability of subsidized housing for very poor families. 2000 America's homeownership rate reaches a new record-high of 67.7 percent in the third quarter of 2000. A total of 71.6 million American families own their homes - more than at any time in American history. 2001 Mel Martinez, named by President George W. Bush to be Secretary of Housing and Urban Development, is unanimously confirmed by the U.S. Senate on January 23, 2001. 2004 Alphonso Jackson, named by President George W. Bush to be Secretary of Housing and Urban Development, is unanimously confirmed by the U.S. Senate on March 31, 2004. Mr. Jackson is the first Deputy Secretary to subsequently be named Secretary. 2008 Steve Preston was sworn in as the 14th HUD Secretary on June 5, 2008. He was nominated by President George W. Bush and unanimously confirmed by the Senate. 2009 Shaun Donovan was sworn in as the 15th Secretary of the U.S. Department of Housing and Urban Development on January 26, 2009. President Obama named Donovan to lead the Department and the U.S. Senate confirmed his nomination to confront the challenges facing today’s housing market. 2014 Julián Castro was sworn in as the 16th Secretary of the U.S. Department of Housing and Urban Development on July 28, 2014.

Comprehensive HUD Training 2-23-2017