HUD

There are many resources available for potential first time home-buyers. One option is through the U.S. Department of Housing and Urban Development (HUD) as they have incentives and procedures in place to make purchasing a HUD foreclosed property enticing to dwelling shoppers.When home-owners default on anFHA (Federal Housing Administration)insured mortgage the home eventually becomes the property of HUD. To mitigate the loss caused by the foreclosure, HUD will sell off the property.

In general, almost anyone can qualify for purchasing a HUD foreclosed property. Like purchasing any other type of home, money for a down-payment is a necessity, as well as the ability to qualify for a mortgage. HUD first tries to seek home buyers who are interested in making the property their primary resident. However, if after the required waiting period the property does not sell to an "owner-occupant," then investors may also purchase the HUD properties.

Purchasing a HUD foreclosed property may be especially enticing to those working in certain professions because there is a "Good Neighbor Initiative." HUD foreclosed properties indesignated areas are available to teachers, firefighters, non-profit agencies, law enforcement officers, emergency medical technicians and local governments at discounted sales prices.

Consumers interested in purchasing a HUD foreclosed property need to work with a HUD certified real estate broker. All the properties available for sale can be viewed on the HUD website. Like foreclosed properties offered by a bank, HUD encourages the buyer to make the proper inspections before finalizing the home purchas, as HUD will not make any financial contributions to repairing the home to the liking of the new owner.

>>Foreclosed Purchases

If this is your first time buying a home, you probably have a lot of questions that you would like to ask - and hope there are resources available to get them answered. Luckily, there is a lot of information out there to take advantage of; you just have to know where to look.

To help you out, let's browse through a few tips and resources that may assist you in getting started as a first-time home buyer.

Tips for the First-Time Home Buyer

HUD offers recommendations for the first-time home buyer to take into consideration before going out and doing some serious searching. They are:

1. know what your rights are as a buyer
2. determine how much mortgage you can actually afford
3. create your house wish list
4. locate a real estate broker
5. make an offer based on the home inspection

Resources that Are Available to You

Because going out and buying your own home for the first time is such an overwhelming experience, it's good to know what types of additional resources are out there.

Here are a couple to take into consideration:

• Mortgage Calculators. You can find these on just about any banking website. They offer the resource of letting you know how much home you can afford your first time buying a home, or even if you're on your second or third. By looking at your gross monthly income, monthly debt payments, home interest rate and much more, you can pretty much make your decisions.
• Housing Counseling Agencies. The U.S. Department of Housing and Urban Development offers a list of housing counseling agencies that can give the first-time home buyer access to a ton of information, including mortgage programs, home inspection information, and what to expect at closing time.

If this is your first time buying a home and you want as much success as possible, it's important to get your hands on as many tips and resources as possible.

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