Blogging About Loans: FHA Loans in Denver available on HUD homes for $100 down!

An office of elite mortgage lending professionals with a common interest and goal focused on providing customer service that exceeds expectation. Thereby building our business from repeat and referral opportunities. Ruth Vogt. LMB 100023827. NMLS 257576. Regulated by the Division of Real Estate. Fairway Independent Mortgage is an Equal Housing Opportunity.

FHA Loans in Denver available on HUD homes for $100 down!

FHA loans in Denver available on HUD homes for only $100 down!

So, what's a HUD home, you ask?

A HUD home is a one to four unit property that has gone into foreclosure whereby the original loan was insured by a division of HUD called the Federal Housing Administration (FHA). FHA loans insure lenders for a portion of the loss should the homes go into foreclosure. Once foreclosure proceedings have been completed, HUD takes title of the homes and resales them in hopes of recouping a part of the FHA loan insurance expense.

So the benefit to a Denver HUD home buyer is the ability to get an FHA loan for only $100 down!!

Who can buy a Denver HUD home? 

Anyone who meets the FHA loan qualification which includes:FHA Loans In Denver application

  1.  
    1.  
      1. Must be the buyer's primary home residence
      2. Minimum FICO score of 620 (required by lenders of FHA loans)
      3. Two year work history which may include education
      4. Limited or no asset requirements for reserves

For a complete ITEMS NEEDED checklist that you may be asked to provide, please click www.LifetimeLender.com.

What are advantages of using FHA loans for the purchase of a HUD home?Denver home

  1. FHA regulates lender and title company closing costs
  2. Up to $5,000 repair escrow (if contract submitted properly) for those properties that have minor repair needs!

Click to get an idea of available Denver HUD homes

(Offers can only be made by approved HUD agents. Contact us for the list of approved Realtors.)

FHA loans are also available to purchase homes NOT owned by HUD, but have a few different qualifying requirements. For instance, there is not a standard escrow of $5,000 allowed, and the down payment requirement is 3.5%. However it is possible to combine FHA loans with a Colorado Housing and Finance Authority loan thereby financing most of your down payment as well! For more information click CHFA/FHA loans in Denver.

NOT ALL LENDERS ARE APPROVED TO OFFER FHA LOANS IN DENVER.

Click to submit an online application to be preapproved for your FHA LOAN

REALTORS: click for more information on how to be sign up as a Denver HUD approved agent.


Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.

Ruth Vogt Colorado Mortgage Lender Ruth Vogt, Sales Manager

 #LMB100023827, NMLSR# 257576

 Equal Housing Opportunity. 

 Regulated by the Division of Real Estate.

   www.ColoradoHomeLender.com

   ruthv@fairwaymc.com  303-881-7849.

 

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Comment balloon 5 commentsRuth Vogt • November 11 2009 08:15PM

Comments

In Denver ... and Seattle ... and Texas ... and New Mexico ... and, let's see ... about 46 other states, too. It's a wonderful thing. Let's celebrate!

Posted by Aaron Vaughn | Builder | Investor, If the deal makes sense, the cash will follow. (Conifer Homes) over 9 years ago

You're right! LOTS of great purchase opportunites all across the nation! OH, and did I mention great rates, too???

Posted by Ruth Vogt, 719-592-0855 Apply 24/7 www.ColoradoHomeLender.com (Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate.) over 9 years ago

This is a great buyer motivation article.  For only $100 someone can purchase a home at a great price and a great rate.

Posted by Guy Thomas (WR Starkey Mortgage) over 9 years ago

Thank you, Ruth.  At the REBar camp there was an agent who is a HUD expert.  I know nothing about these sales and you just gave me a great explanation.  You could facilitate a session at the next REBar Camp.

Posted by Jane Peters, Los Angeles real estate concierge services (Home Jane Realty) over 9 years ago

Guy, it is amazing, isn't it? How can people afford to rent at a time like this???

Jane, oh, gosh! ***blushing*** Seriously, though, I think Hud repos are very misunderstood from both the selling side AND financing side!

Posted by Ruth Vogt, 719-592-0855 Apply 24/7 www.ColoradoHomeLender.com (Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate.) over 9 years ago

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