Buying a HUD Home through 1-800-HUD-ONLY

The homebuying process can seem complicated, but if you follow these nine steps, you will soon be holding the keys to your own home!

Step 1: Figure out how much you can afford

What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. Consider all the points below and talk to our lending department to find out for sure.
How much home can you afford?
Buying vs. Renting: REVIEW OUR TEN POINTS TO CONSIDER
Home Economics
Need help with your down payment and/or closing costs? RECENTLY, THE FEDERAL GOVERNMENT APPROVED THAT THE $8,000 TAX CREDIT COULD BE USED TOWARD YOUR DOWN PAYMENT.
Homebuying programs in California
A housing counselor can help you figure out how to manage and pay off your debt, and start saving for that downpayment!  THE FEDS $8,000 DOWN PAYMENT MIGHT QUALIFY YOU FOR NEARLY A $300,000 HOME!

Step 2: Know your rights

Fair Housing: Equal Opportunity for All.   1-800-HUD-ONLY AGENTS NEVER DISCRIMINATE AND HAVE ASSISTED BUYERS FROM VIRTUALLY ALL ETHNIC BACKGROUNDS.
Real Estate Settlement Procedures Act (RESPA)   1-800-HUD-ONLY FOLLOWS THE RULES
Borrower's rights
Predatory lending 1-800-HUD-ONLY HAS A PERFECT RECORD WITH THE CALIFORNIA DPARTMENT OF REAL ESTATE.

Step 3: Shop for a loan

Save money by doing=2 0your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan. 1-800-HUD-ONLY WILL PRE APPROVE YOUR LOAN.
Let FHA help you
Why Ask for an FHA Loan? AT 1-800-HUD-ONLY WE HAVE ACCESS TO DIFFERENT TYPES OF CONVENTIONAL AND GOVERNMENT LOANS, INCLUDING FHA, IF THAT IS YOUR CHOICE.
Learn about interest only loans
Avoid Predatory Lenders   1-800-HUD-ONLY HAS A PERFECT RECORD WITH THE CALIFORNIA DPARTMENT OF REAL ESTATE.

Step 4: Learn about home buying programs

Home buying programs in California
FHA loan programs offer lower down payments and are a good option for first-time homebuyers.  AT 1-800-HUD-ONLY YOUR DOWN PAYMENT COULD BE AS LOW AS 3%!
Let FHA help you
HUD's special homebuying programs Good Neighbor Next Door (formerly known as Teacher/Officer/Firefighter Next Door)  1-800-HUD-ONLY HAS EXPERIENCE WITH ALL OF HUD'S SPECIAL PROGRAMS.
Hurricane Evacuees discounted sales
Homeownership for public housing residents
Indian Home Loan Guarantee Program (Section 184)

Step 5: Shop for a home

Choose a real estate agent. QUALIFIED AGENTS AT 1-800-HUD-ONLY ARE AVAILABLE TO ASSIST YOU IN EVERY WAY.
Wish list - what features do you want?
Home-shopping checklist – take this list with you when comparing homes
Homes for sale (including HUD homes)  1-800-HUD-ONLY POSTS MLS LISTINGS AS WELL AS HUD HOMES LISTINGS RIGHT ON OUR WEB SITE FROM ALL AVAILABLE STATES.
"Fixer-uppers" - home purchase and repair programs.  1-800-HUD-ONLY IS FAMILIAR WITH THE 203K PROGRAM.
Manufactured (mobile) homes
Build a home
If you choose a home in a neighborhood with a Home Owners Association (HOA), be sure to request a copy of the HOA packet, so you can review before closing.

Step 6: Make an offer

Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.  AGENTS AT 1-800-HUD-ONLY ARE READY TO NEGOTIATE FOR YOU.

Step 7: Get a home inspection

Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.
For Your Protection Get a Home Inspection

Step 8: Shop for homeowners insurance

Lenders require that you have homeowners insurance. Be sure to shop around.

Step 9: Sign papers

You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!  1-800-HUD-ONLY WILL SEE YOU AT THE CLOSING!