Fill out this form and get a free list with photo’s of all HUD homes for sale in Jackson Michigan. And if you bid on a home, and win the bid, you should be pretty sure you want to buy it, otherwise you’ll lose your $1000 EM. In addition, HUD homes are pre-inspected and may require you to put a set amount of money in escrow to pay for repairs (i.e. new roof, pluming problems, etc.).
The HUD homes are acquired when a mortgage holder defaults on a Federal Housing Administration (FHA) mortgage, which are goverrment sponsored loan guarantees designed to promote home ownership, especially for working class and lower income Americans.
In collaboration with national servicers, Fannie Mae, and Freddie Mac, the First Look program is intended to give communities participating in HUD’s Neighborhood Stabilization Program (NSP)a brief exclusive opportunity to purchase bank-owned properties in certain neighborhoods so these homes can either be rehabilitated, rented, resold or demolished.Information will be available here soon.
While HUD doesn’t lend directly to the buyer specifically for the purpose of buying a HUD home, there are several options for specific cases in which buyers can qualify for FHA home loans, which many buyers find more convenient than dealing with a private bank or lender.
Some Government authorities also render financial credit to the homeowners which is done through FHA (Federal Housing Authority), HUD (Housing and Urban Development Department in the U.S.), IRS (Internal Revenue Service), Department of Veteran Affairs and FDIC (Federal Deposit Insurance Corporation).