FHA Home Mortgage Loan Interest Rates

One Response to “Hud homes in MI, must have broker(?) Don’t have lot of $ How does it work? do I pay out of pocket?”

1. Christina D says:

   June 18, 2009 at 4:16 pm

   If you are looking at buying a HUD home, there are a lot of excellent deal, but you do need to be careful. You want to make sure you get an home inspection. If you do place a bid you will have to place a deposit ( known as earnest money) to insure that you are a serious bidder. You should get this money back or your broker might use this toward your closing cost. You need to find a REALTOR that is a buyers agent because they work for you! It cost you nothing to use them the seller pays their commission. In a HUD home HUd pays them.
   As far as the financing, you should look into FHA loans. They are fantastic loans and potenially you will only need to place down 3% on a FHA loan. If you find a home that need work and you can get approved for FHA loan you could do a FHA 203k streamline loan. THIS IS A FANTASTIC LOAN!!! It will allow you to do work up to 30k in repairs at a fantastic interest rate. It is cosmetic repairs such as roof, paint, plumbing, windows. YOu cannot do additions to home and things like that.
   You can pay your broker two ways. Upfront, which means that you will need to have money to pay them at the closing table and the other is points one the back. This will cause your interest rate to go up, but it is a way to fianice it if you cannot pay upfront. Your interest rate can go from a 5.5% to 6.5% for example. Make sure you question your broker for a EXCELLENT FAITH ESTIMATE which will go over the cost of the loan. Excellent Luck!

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