Here’s part 2 of Finding a HUD Home. If you need further assistance please call me,email or comment below.
Do I Qualify for a HUD Home?
Buyers must have their financing ducks in a row before placing an offer on a HUD Home. Selecting a good lender is an integral part of the loan process. A lender will take a careful look at your financial circumstances and tell him how much mortgage you are qualified to receive. This is important to know and it is an important number to weigh against another number that is even MORE important, the maximum monthly mortgage amount you are comfortable paying, that will not cause undue hardship and a financial strain.
What are you paying in rent or toward another mortgage right now? Is that a comfortable number? What is the difference between the lender’s Qualifying Number and your Comfort Zone Number?
If the Comfort Zone Number is lower than the Qualifying Number, see how that number translates into a mortgage amount and use that number as a cap on a mortgage. After calculating the maximum mortgage amount, work according to a strict guideline in terms of your “comfort” price caps. Don’t even look at properties exceeding that level. Don’t even be tempted. There are two dangers in looking at properties with price tags that exceed your Comfort Zone Number:
Here’s my advice: Be kind to yourself. Keep your sights focused on a price range that you can afford right from the beginning. You will avoid having to “scale down” a search and “settling” for less than you want.”
Part 3 coming soon.Tags: Allentown, bank owned, Bethlehem, buy, eastern pa. real estate, Easton, finance, foreclosure, homestore, HUD Homes, Lehigh Valley, mortgage, Nazareth, qualify, reo