This article is only small part of the information you can find on my website The HUD Home Expert. You will find more detailed information on the buying HUD homes process and how buying a HUD home can be very profitable to you whether as a home buyer or an investor. Click here now to find out about Indianapolis HUD Homes For Sale! Al Hardymon is an experienced Central Indiana real estate broker in buying and selling HUD homes for both his clients and himself. You can do a Free Search for HUD Homes in your state at his website The HUD Home Expert which is an informational center for buying and selling HUD homes for sale.
The Indianapolis area housing market is reeling from all of the home foreclosures. This is bad news for homeowners, but it is good news for the first-time Indianapolis area home buyer. There is a sector of the foreclosure market that currently has an extremely great incentive for buyers. It is HUD Homes for sale in Indianapolis area.
What are HUD Homes?
HUD Homes for sale are homes that have been financed with FHA loans and have been foreclosed. Usually on any given day in Indianapolis and surrounding counties there are about 250 HUD Homes for sale on the market. You can get more information on HUD Homes for sale in Central Indiana by visiting my website The HUD Home Expert.
Why is it a great time to buy a HUD Homes in Indianapolis area?
1. HUD currently has a $100 Down Payment Incentive Program. This is for all home buyers not just first-time home buyers. One of the main hurdles for a first-time home buyer is coming up with the down payment. FHA loans usually require a 3.5% down payment and conventional loans are 20% down. The HUD $100 Down Payment Incentive Program does have some restrictions. The main one is you have to buy a HUD Home with FHA Financing.
2. You can get the Federal First-Time Home Buyer Tax Credit. The tax credit is up to $8,000 for qualified first-time home buyers.
3. You can use the Streamlined FHA 203K Loan to have necessary repairs to the home you purchase. The Streamlined FHA 203K Loan is for repairs up to $35,000. It is not for major renovations.
4. You can usually buy a HUD foreclosed home below market value. You need an experienced real estate in buying HUD homes. An experienced agent should know the HUD buying process so you can get the best deal on HUD Homes.
5. There is currently a good supply of HUD foreclosed homes on the market and that should continue for the near future.
6. Interest rates are the lowest in decades.
Buying a HUD Home is completely different than buying a home from a homeowner. First, HUD requires you to use a real estate agent to buy a HUD Home. You need a real estate agent that is experienced in the HUD Home buying process. An inexperienced real estate agent can cost you thousands of dollars.
As a first-time home buyer in the Indianapolis area and surrounding counties you have the chance to buy a home at below market value, with only $100 down payment, at very low interest rate, and still get up to an $8,000 Federal Tax Credit! Yes, you should consider buying a HUD Home in the Indianapolis area.
P.S. For more information on the HUD Home buying process please go to my website The HUD Home Expert. You can also get more information here on Streamlined FHA 203K Loan.
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