If you want to buy a HUD home, mobile homes and manufactured homes are for sale through the government agency. Plus, you may qualify for federal mortgage programs.
The U.S. Department of Housing and Urban Development (HUD) has thousands for foreclosed homes for sale, in every state in the country. If you want to buy a HUD home, mobile homes and manufactured homes are available too.
HUD has these homes for sale because they had FHA-backed mortgages, so when the homeowners defaulted on the loans, HUD paid the lender and took possession of the properties. You may get a home at a very low price if you buy a HUD home that's a mobile or manufactured home. Manufactured and mobile homes are inexpensively made compared to stick-built home construction. A manufactured home or mobile home is made in a warehouse and then shipped to its set-up location. These homes must meet federal standards for safety and construction.
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Whether you buy a HUD mobile home or buy a HUD manufactured home, you will need the assistance of an experienced real estate agent. A HUD-approved real estate agent is required to make a bid on the purchase of a HUD home. An agent who has dealt with HUD homes in the past will understand all of the language and qualifications involved in the purchase. Plus, he or she can help you find an FHA lender to finance the purchase.
The amount of money you will need to come up with up front varies depending on the cost of the property, the type of mortgage you get and your credit. Generally, when you place a bid on a HUD home, you will make an offer to show you are serious about the purchase. The money goes into an escrow account and, if your offer is accepted, it will go towards your down payment. The more money you can come up with for a down payment, the less you will have to borrow. Deposits for HUD homes are usually from $500 to $2,000, depending on the cost of the home. If the home requires a repair escrow, you may have to put down more money.
If you want to buy a HUD mobile home or buy a HUD manufactured home, you can get a good deal on the price. Find a lender who deals with HUD properties and get a qualified real estate agent. Reply! can help you locate both.
To learn more about buying foreclosed homes, this free guide helps you find those listings and buy distressed properties.