All About Information - Relevant to All at Some Point

Investors can now Purchase HUD REO Properties with as little as 3.5% Down

February 23rd, 2010 2:17 PM by Kathy Delbridge

Home Savings of America is proud to announce that we now have the abillity to offer Financing to Investors that wish to purchase HUD REO homes and they can do so with as little as 3.5% down.

Here are the details:

FHA Program
• 203b REO with Repair Escrow up to 110%LTV/ or 203b REO w/no Repair Escrow to 96.5%
• Investor purchases allowed based on acceptable approved Pemco contract

Requirements
• Investor must hold title to property for 12 months after purchase
• Minimum Fico score is 640/Minimum Investment 3.5%
• See product guidelines for all requirements (link below)


Target Audience – Investor who:
Possibly owns more financed properties than currently allowed by Fannie and Freddie
• Wants a low interest rate
• Understands how to leverage money/Seeks minimal cash investment
• Is competent and an established real estate investor

Benefits
• Investor can purchase FHA REO HUD owned foreclosures marketed by HUD PEMCO with FHA financing
• Investor’s min cash investment is 3.5%*
• No restrictions on the number of current financed properties owned
• The investor can include the cost of required repairs in the maximum mortgage amount up to 110%LTV

Terms Available
• 30 Year / 15 Year


Exposure Limitations
• Maximum exposure to one borrower is 3 loans to one individual – a 4th maybe available on exception basis. (Additional FHA restrictions could apply. If  interested in more than one loan, please discuss with me first.

Posted in:General
Posted by Kathy Delbridge on February 23rd, 2010 2:17 PM

Categories:

My Favorite Blogs:

Sites That Link to This Blog:


English Spanish