As of this writing, there are 2,244 HUD owned properties for sale in Georgia. And, they are generally all affordable.
A HUD home for sale in Gwinnett County
But you know the great thing about considering buying a HUD home? If you finance the property with a new FHA loan, then a buyer only needs $100 down payment. Right. Just a Benjamin! Of course, there are closing costs as well. When making an offer to buy a HUD home, one can always ask HUD to pay some portion of the closing costs, but plan on needing a bit more than just a hundred bucks to get into the home.
The other great thing about HUD homes is that, although some need some repairs to the home, often times HUD will pay for the necessary repairs as well.
They have each of their properties inspected, and if the inspector notes needed repairs, he will also note an estimated dollar amount to complete the repairs. And that is the amount that HUD will generally escrow for the repairs, so that you, the buyer, move into a very well-kept home by the time you close and are ready to move.
Certainly Georgia USDA Rural Housing loans are also good loans, which require no down payment. The reason to consider a HUD home with an FHA loan around metro Atlanta is that USDA requires that the property be in a rural area to qualify, as well as limiting the income of the buyer with ceilings. So, some properties would not qualify for a USDA loan, and some buyers would not either.
Those limitations do not exist with an FHA loan to purchase a HUD home. So, if you are in the market and want to consider a HUD home, let me know and I will be happy to direct you to a real estate agent who is well-versed in the negotiating and buying process surrounding HUD homes.
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