HUD / FHA Foreclosed Financing  - Answers to your Questions  

Network Funding, LP of Georgia  is offering a new suite of Federal Housing Administration (FHA) mortgage products to accommodate a U.S. Department of Housing and Urban Development (HUD) program that allows qualified  borrowers the opportunity to  buy a HUD-owned home with only a $100 plus down payment .

The new program that we are offering is the "FHA $100 HUD" Foreclosed Home  program.

This product is great for

First Time Home Buyers

 These incentives are provided by HUD, FHA 203(b) product options are available for one-to four-unit properties, and FHA 234(c) product options are available for condominiums.

Search for home from HUD and then contact us for the financing. If you find a home you want to inspect, Contact us and we will provide you with a Agent. Before you put in a offer on a home, you must have your loan approved.

Please call us or apply on-line for same day certified HUD REO Foreclosure Loan approval.

We are a FHA /HUD Wholesale Bank providing consumers great programs to purchase HUD/ FHA Foreclosed Properties .	"HUD REO Foreclosed Properties " are great for Home Buyers for Foreclosed Properties and perfect for Real Estate Agents who have clients who qualify!!
	Contact Peter M. Knap at 404.814.4634  ext: 706 for more information Need a Hud Certified Real estate agent?

FHA / HUD FORECLOSURE  $100 DOWN PAYMENT REPO PROGRAM

This HUD / FHA $100 program will allow up to $5,000 of HUD approved repairs to be done to the property.

Questions and Answers:

Q: Is all we have to put down is a $100.00 for a Foreclosed Property?

A: Yes and No- You are required to put a $1,000 earnest money down as security deposit which you will get back minus the $100.00 at closing. Also, You must pay for a septic inspection (if not on City Sewer) and have a Electrical , Water, HVAC inspection before you move in.  All utilities must be turned on before the inspection is ordered and depending on the utility company they may require a deposit. Most importantly , you will have to pay for a full years Home Owners Insurance  premium plus real estate taxes at closing.  

Q: The Foreclosed  home we are looking at needs repairs- Do I need to pay for them up front?

A: Yes and No - HUD has inspected the property and they will allow you up to $5,000 of repairs to be done after the closing which can be financed into the loan: i.e: Worn rugs, Paint, HVAC, Roof etc...You will need to get contractor bids for the work and they will be paid to the contactors at closing. Review  the Hud Inspection reports that are attached to the property you are interested in . It will tell you how much funds are available for repairs. We provide you with the repair check after the work has been done. We recommend to use Lowes or HomeDepot for these type of repairs since they are very familiar with this program.

Q: How long does it take to close on one of these HUD / FHA properties?

A: If all your required documents are submitted to Network Funding, LP, we can close in as little as 20 business  days.

Q: Can we buy this homes as Rental or Investment Property ?

A: You can with conventional financing , not FHA. The minimum Down payment to buy this as an Investment property will be 20% of the purchase price and you must have very good credit.

Q: We saw a home on the website that we liked and now it is not there, where did it go?

A: Because of the great  demand for these homes they go really fast. You must contact us and get your "Certified HUD Loan approval" before you can put an offer in on any home. We recommend when you find one get your approval and go visit the property with one of our HUD agents.

To get started , we will need from you:  

• Most current paystub showing Year to Date income
• 2010 complete tax returns and 2010 W-2's on all borrowers
• Complete our online application Online application  or scroll down this page and apply on our Quick application below.
• Please fax these documents to 866.383.1435 Attn: HUD LOAN APPROVALS
• Call us today at 404.814.4634 extension 706.

You need to act today before the home you want is gone!!!!.

 Agents:  depending on the state There is an update to the sales incentives that are available to buyers and brokers in your state. Effective with the bids and contracts that were awarded on February 12, 2008, selling brokers representing owner occupant buyers are entitled to a $500 broker bonus; regardless of the type of financing that the buyers are using. (Prior to this update, the $500 selling broker bonus was being awarded only to brokers who represented buyers that used FHA203(k) financing. This is no longer a requirement.)

Note: Our minimum loan amount size is $60,000 for HUD Foreclosures, so choose the home with that value or more.  

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