If you are trying to decide whether you want to rent or buy, HUD programs offer you incentives to buying.
The U.S. Department of Housing and Urban Development (HUD) has many programs if you want to buy a home. Many programs are for first-time homebuyers who are purchasing a primary residence. If you are trying to decide whether you want to rent or buy, HUD programs offer you incentives to buying.
If you want to buy a home, HUD programs can help you get a loan with a low interest rates, low down payments and flexible options. Most HUD loan programs are through the Federal Housing Authority (FHA). Lenders participate in these programs in which the FHA insures the loans.
If you are trying to decide whether to rent or buy, HUD programs provides you many options. With HUD, you have a range of options. HUD programs let you buy a single-family home, an apartment building with one to four units or a condominium. If you want to purchase a small apartment building, you have to live in one of the units. You can also get an FHA loan to rehabilitate distressed properties or make your homes more energy efficient. You can use these programs to buy foreclosed homes or HUD homes as well.
If you want to buy a fixer-upper or distressed property, some HUD programs offer mortgage insurance for the additional money you'll need to borrow. The expenses for renovating the house are added to the purchase price.Another program offers EEMs, or energy-efficient mortgages, that allow you to make your new home more energy efficient. Again, these programs only offer mortgage insurance to get the loan you want. If you're having the buy vs. rent debate, keep in mind that HUD has many ways that make it easier to buy. Plus, HUD programs require down payments as low as 3.5 percent.
If you want to move and can't decide whether to rent or buy, look at the advantages of a HUD loan. If you want to get an estimated payment on your home loan, talk to your local lender about an FHA loan. If you are ready to browse homes, go to RealtyNow for free foreclosure listings.