US HUD Homes program

HUD program buy homes direct from the banks and make it available for first time buyers, providing affordable housing for families. Houses that are no selling in the initial bid period are release for investors interested in acquire a HUD Home.

In order to participate in the bids home buyers must meet the next qualifications:

First time buyers:

1.       Be qualify for an accredit lender and show prequalification letter, if you need to qualify, please referee this address www.ushomesrealty.com

2.       You need to have the required Down payment (3% , 5% or 10% depending the program you was qualify by the lender) Investors interested in HUD Homes can use fund coming from a bank.

3.       Have available funds to pay closing cost and pre-pays (3% to 6% house value depending the program under you qualify) HUD can help with part of the closing cost; you must consult your San Antonio HUD specialist.  

4.       At soon you complete steps 1,2 and 3 you must contact your San Antonio HUD  home  specialist at (210) 737-1220  

5.       Located the HUD home of your preference in the area of San Antonio Texas or  Bexar county at http://www.sanantonio1timebuyer.com/HUD_Homes/page_2134238.html

6.       You must Have ready:

·         The earnest money ($500 for houses under $50,000 or $1,000 for homes above $50,000) The Earnest money must be in form of cashier check at the name of “US Department of HUD”

·         Pre-qualification letter or proof of funds (cash deals)

7.       Contact your San Antonio HUD specialist to show you the house.

8.       Contact the authorized HUD specialist to place the bid and sign the contract

After you win the bid, you must get all the documents required by the lender at early possible, you only have 45 days to complete all the paperwork, after that if your loan is not ready yet, you must contact your HUD home specialist 10 days after the expiration of the initial 45 days period to ask for a extension ($300 buy 15 more days) or you can lose the home and the earnest money.

When the loan is ready, you need to sing all the papers in the HUD designated Title Company and bring the down payment and closing cost in form of cashier check at the name of “US Department of HUD” and receive your new home.

After you receive the home, you must install new lock, HUD don’t give any keys, your HUD Home specialist will open the house for you and you need to remove all the exterior lock and install your own.