Whats a HUD? How do I get quik help form the GOV for down payment on a condo?

Question

the apartment where I rent is turning Condo, if I dont by I need to move and quik. I have 30 days to try to buy this place at a discounted rate. I need help Iam in IL in this is cook county on the north burbs. I dont want to pay more than 1200 a month this is including the tax and assos. fee.
and I want it fixeble becuase I plan to fix and resale it.

please help how do i get a down payment with help from the gov? and yes 1 time buyer 26 y/o stday job for 7 years

Answer 1

First of all HUD stands for Housing and Urban Development, but some refer to any foreclosed house with a government insured loan as "a HUD" because the government owns it and as a result looks to liquidate it quick.

I have never heard the words Quick and Government in the same sentence, but there is always a chance. Your best bet is to talk to a mortgage broker immediately and see if you can get 100% financing. Of course that person (after given all the facts) will be able to tell you if the discounted price falls within your desired payment limitations. There is a down payment assistance program in Illinois (link provided). Usually these programs are designed to aid lower income people/families so you may be excluded if yo make too much. Usually the assistance program also provides a better rate than what others can offer. But like I said it is a government agency that usually doesn't move as fast as possible but my guess is that all you need to do is have a contract to purchase in place before the 30 days are up to get the discounted rate. Good luck!

Answer 2

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RE :Whats a HUD? How do I get quik help form the GOV for down payment on a condo?
the apartment where I rent is turning Condo, if I dont by I need to move and quik. I have 30 days to try to buy this place at a discounted rate. I need help Iam in IL in this is cook county on the north burbs. I dont want to pay more than 1200 a month this is including the tax and assos. fee.
and I want it fixeble becuase I plan to fix and resale it.

please help how do i get a down payment with help from the gov? and yes 1 time buyer 26 y/o stday job for 7 years
Follow 9 answers

Answer 3

HUD is a Government loan - and it is not a fast loan. Try a mortgage broker, who can pull your credit one time, and submitt your loan application to many many companies that will do a condo purchase.

Why use a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.


Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out.

http://www.fanniemaefoundation.org/...

http://www.fha-home-loans.com/

http://www.freddiemac.com/


Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency's and other useful information. This is not an advertisement - just helpful information for you...

Answer 4

I'm confident that you must find every financial clarification at: loandirectory.info-

RE Whats a HUD? How do I get quik help form the GOV for down payment on a condo?

the apartment where I rent is turning Condo, if I dont by I need to move and quik. I have 30 days to try to buy this place at a discounted rate. I need help Iam in IL in this is cook county on the north burbs. I dont want to pay more than 1200 a month this is including the tax and assos. fee.
and I want it fixeble becuase I plan to fix and resale it.

please help how do i get a down payment with help from the gov? and yes 1 time buyer 26 y/o stday job for 7 years

Answer 5

HUD is Housing Urban Development.

Call a Realtor or mortgage company & ask them.

Answer 6

best bet is to get a loan....hud is mainly for certain homes in certain areas...

Or contact the management of your building and address your concerns and they may be able t provide you with someone who does low interest financing based on your rent history and credit.

goto:
www.hud.gov