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Looking for a fha loan. My fiance and I would like to buy a hud home in the Chicagoland area, priced

  • May 25 2009 - Chicago
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Answers (4)

Profile picture for AtLincolnPark
Did you have any luck finding what your were looking for?
  • October 12 2011
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Hi Tom_g,The FHA loan does allow you to buy HUD homes.  The beauty of this profram is that you can actually get an FHA loan to buy one of these with a downpayment of $100.00 if it will be owner occupied.  If your agent requests it, HUD will pay your closing costs up to the allowed limit for that property.  Where the HUD inspection shows damage, HUD will oftentimes put funds in escrow to fix the damage.  In addition, you could get a 203k streamline rehab loan for certain repairs up to $35,000.00.  There is an additional $100.00 downpayment for this portion of the loan.
You should first of all find a competent Broker/Lender who is experienced in offering these kind of loans (Ask a lot of questions and you'll know) and get preapproved.  I would make calls to at least 3 Lenders that know your market very well, and can originate this loan for you.
Then find a competent Realtor that is HUD approved to act on your behalf, show you the properties, help you write a contract etc
At this point, you should have a (yet again) competent Attorney, one that specializes in Real Estate, to protect your interests from this point on.
Please go to www.hud.gov and read more about the FHA Repo purchase program.
Remember to ask a lot of questions.  If your Loan Officer is either unwilling or unable to answer every single one of them, consider moving on to someone else.  Make sure your LO is experienced and knowledgeable about this program, and just as important, treats you with respect and is available to you.
Good luck in your quest. I hoppe it all works out for you.
  • June 29 2009
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If you would prefer to work with someone that does not violate Zillow's policy about being self promotional on threads, you can fill out a loan request on Zillow and get multiple offers.

Good luck.
  • May 26 2009
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Hi Tom
There are several homes available.  FHA loans are a great way to buy today.  There are several lenders offering FHA loans.  You can utilize a typical FHA or a FHA203K which allows you to build in improvements in to your mortgage.  Frequently HUD homes need repairs so the 203K allows you to have the improvements completed within the first 60 days after the closing.  Your mortgage is based on the end loan but you are laying out less funds up front to cover the improvements. 

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  • May 25 2009
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