Raleigh Realtor Erin Bohner
Raleigh Real Estate
Raleigh Real Estate
6020 Creedmoor Road, Raleigh, NC 27612 ~ Cell: (919) 280-2726 ~ Erin@HomesInRaleigh.org

Home    North Raleigh Homes    Midtown Raleigh Homes    Raleigh Luxury Homes    Wake Forest Homes    Cary Homes    North Carolina Triangle

Buying HUD Foreclosures in North Carolina

HUD Foreclosures in North Carolina foreclosed home in NC buying foreclosures in NC

Eleanor Thorne, Mortgage Loan Specialist in HUD homes.

People are able to scoop up some great deals on some foreclosed home in NC. If you are purchasing a HUD Home, qualified buyers are able to purchase these houses with only a $100 down payment!

A lot of people are not aware that most HUD foreclosures in North Carolina are available with only a $100 down payment for owner occupied purchases. Also, you can get up to $5,000 to make repairs on the property as part of the purchase transaction!

If the repairs are more extensive, there is the full FHA 203k Streamline Mortgage Program, but you can't combine this program with the $100 downpayment - you have to make a 3.5% downpayment to qualify for the renovation loan.

We are able to connect you with NC Loan officers who specialize in mortgage programs for people interested in buying foreclosures in NC.

Which Homes Qualify for the HUD $100 Down Program?

Any home that was previously insured by FHA, and is now for sale on the HUD Home Store website, is eligible. As you look through the individual listings, you will see that some of the homes are only available to non-profits - others might note how much work FHA has already determined the home needs. You can see this under "Repair Escrow".

The buyer must be an owner occupant to qualify. An owner occupant means that you will live in the house you buy. To qualify you must be willing to live in the house for a year. You must also offer full price.

The current list price is a full price offer, even if the property has been price reduced. HUD will still pay up to 3% of the list price for closing costs. This is a great opportunity for buyers to purchase a HUD home at a reduced price and with an affordable down payment.

Because these properties have been marked down so much already - in order to win the bid with HUD, some buyers are offering a price slightly higher than the current asking price. In this situation, you would need to bring in the difference between the accepted offer and the appraised value in cash at closing.

Good Neighbor Next Door Program

Firemen, Police Officers, Teachers and qualified EMTs can bid on many of the NC HUD houses at 50% of the current HUD listed price. FHA does require a silent 2nd mortgage, for the discount amount. (Our specialized HUD mortgage loan officers can explain this in detail.)

However, as long as you live in the property for three years, no interest or payments are required on this "silent second." After you live in the Good Neighbor Next Door home for 3 years, you can sell the home and keep any equity and/or appreciation you might gain.

This program is primarily designed for first time home buyers - so you can not CURRENTLY own any real estate, and you cannot have previously owned real estate during the 365 days before you make the offer on the house.

Those who qualify for this bidding process can purchase the homes with as little as $100 down - but be reminded that they are in areas that are "zoned" as revitalization areas.

HUD Homes

There are hundreds of houses that qualify for this programs available in NC, and Wake County has over 30 homes that qualify today! HUD Homes generally come on the market at the end of every month - so check back!

HUD Homes in Wake County

If you want information about the Good Neighbor Next Door Program or other mortgage programs available to help you buy foreclosed homes, or to purchase a HUD home in Raleigh for $100 down payment - call 919-624-6726 or 919-280-2726 so that we can connect you to the loan officers Eleanor and Steve Thorne who are the experts in the buying foreclosures in NC and using the FHA 203K program to renovate a foreclosed home!

Other things to consider when buying a Raleigh home are Pre-Approval vs. Pre-Qualified, Questions You Need to Ask a Raleigh Realtor and Raleigh Home Buyer - Don't Trip Up Your Raleigh Home Loan.

If you want information about other mortgage programs available to help buy foreclosed homes, or to purchase a HUD home in Raleigh for $100 down payment Email Us or Call Us Today at 919-280-2726

Share

Raleigh Homes For Sale
Raleigh
Homes
For Sale
Raleigh Luxury Homes For Sale
Raleigh
Luxury
Homes
North Raleigh Homes For Sale
North
Raleigh
Homes
Midtown Raleigh Homes For Sale
Midtown
Raleigh
Homes
Raleigh Homes Inside The Beltline
Raleigh
Inside The
Beltline
Raleigh New Homes For Sale
Raleigh
New
Homes
Raleigh Townhomes & Condos
Raleigh
Townhomes
& Condos
Raleigh Golf Homes For Sale
Raleigh
Golf
Homes
Cary Homes for Sale
Cary
Homes
For Sale
durham Homes for Sale
Durham
Homes
For Sale
Wake Forest Homes for Sale
Wake
Forest
Homes
Raleigh Triangle Area Homes
North
Carolina
Triangle
Raleigh Home Buyers Information
Raleigh
Home
Buyers
FuRaleigh Home Sellers Information
Raleigh
Home
Sellers
Raleigh Community Information
Raleigh
Community
Information
Fun Things To Do In Raleigh
Raleigh
Fun
Stuff
Raleigh Schools
Raleigh
Triangle
Schools
About Raleigh Realtors Ed & Erin
All
About
Ed & Erin


Angier Homes for Sale  
Apex Homes for Sale   
Chapel Hill Homes for Sale   
Clayton Homes For Sale   
Creedmoor Homes for Sale    
Fuquay Varina Homes for Sale  
Garner Homes for Sale  
Hillsborough Homes for Sale  
Holly Springs Homes for Sale  
Knightdale Homes for Sale  
Lillington Homes for Sale  
Morrisville Homes for Sale  
Pittsboro Homes for Sale  
Rolesville Homes for Sale  
Wendell Homes for Sale  
Willow Springs Homes for Sale  
Youngsville Homes for Sale  
Zebulon Homes for Sale  

Raleigh Housing Market Report

Return to Homes in Raleigh Home Page

Content By Erin Bohner
North Raleigh Homes - Midtown Homes - Inside The Beltline Homes - Raleigh Luxury Homes - Wake Forest Homes - Cary Homes - Raleigh Subdivisions
Raleigh Luxury Subdivisions - North Raleigh Subdivisions - Midtown Raleigh Subdivisions - Inside The Beltline Subdivisions
Raleigh Golf Homes - Bedford at Falls River - Barton's Creek - Falls River - Long Lake - Raleigh Schools - Buyers - Sellers
Raleigh Fun - Raleigh Restaurants - Community Info - Raleigh Utilities - Raleigh Weather
About Us - Contact Us - Privacy - Partners - Resources - Site Map

Bookmark Homes In Raleigh 
   
Copyright ©1999-2016 All Rights Reserved

Copywrite Protected