AboutJim Root Expertise Can inform on "What exactly IS a HUD Property & can one purchase one of these Homes at BARGAIN PRICES'?" Can answer questions with regard to using a variety of FHA-Insured Loan Programs for the purchase of HUD-Owned properties--the "Traditional" FHA Mortgage, the "203B," as well as two "Special" FHA Loans, the 203K & Streamline 203K. The 203B is used to purchase properties that meet FHA's Minimum Property Standards & the 203K & Streamline "K-Loan" are "Renovation Loans" that can be used to purchase & repair all in one loan package! Can provide GENERAL information on HUD property sales procedures, and the procedures used by VA & other Agencies that may put "Foreclosed Properties" on the market! Cannot give legal advice or opinions, nor serve as rhe Questionners' "Agent," but can "point the Questioner in the RIGHT DIRECTION for special guidance & assistance" with a HUD(or other "Foreclosed") Property purchase! My Research Assistant, Gale, shown here with me, is a former Licensed Realtor.
Experience Over 30 years as a "Real Estate Professional," including working as a Licensed Realtor, Residential Appraiser & Morgage Banker in the "Private Sector" and serving as a GS-12 Realty Officer with HUD/FHA for over a decade! Worked as Deputy Chief of the HUD Property Sales Division in Alaska and as Chief FHA Appraiser for HUD's Washington State Jurisdiction.While with HUD/FHA was trained & qualified as an FHA Loan Underwriter, Construction Analyst, Review Appraiser & Property Sales Specialist! Have worked in the Real Estate Markets in Alaska, Washington,Idaho,& Oregon over the past 30 years! Am familiar with "Other Markets" via continuous research!
Organizations Former Member of National Association of Realtors(NAR) & Society of Real Estate Appraisers (SREA)Currently a member of Mortgage Bankers Association of America (MBAA) & National Association of Review Appraisers & Mortgage Underwriters (NARA/MU)
Publications Articles published in various National, Regional & Local Real Estate-related magazines, booklets & newsletters. Co-authored several HUD/FHA Handbooks and numerous Marketing Materials while with the US Government Housing Agency!
Education/Credentials Associates Degree with emphasis on Real Estate,Bachelors Degree in Mass Communications & Masters Degree in Education/Teaching. Numerous private sector & government-sponsored Real Estate-related Courses over the years!
Awards and Honors Numerous Awards & Honors for Realty Marketing & Sales while a Realtor,"Outstanding Performance Awards" annually while with HUD/FHA. Earned the following Professional Designations: "Certified Residential Originator" (CRO) from the MBAA; "Registered Mortgage Underwriter' (RMU) and "Certified Review Appraiser" (CRA) from the NARA/MU.
Expert: Jim Root Date: 7/12/2008 Subject: hud homes
Question Can you do FHA financing again on a home that was foreclosed on that had a FHA Loan?
Answer LARRY--
You sure can! FHA Financing is is possible for the purchase or refi of any Single Family, One through Four Unit Dwelling.As long as the Buyer meets FHA "Credit Standards" & the Home meets HUD "Minimum Property Standards," it doesn't matter if the HOME has been through a previous Foreclosure.
If the BUYER/BORROWER has had a Foreclosure on ANY FHA-financed property in the past three (3) years, however, HE/SHE is NOT eligible for another FHA-Insured Loan! (Three years and a day from the last foreclosure the Buyer/Borrower is ELIGIBLE again--but Credit Status must be EXCELLENT in all other areas to "offset" the 3-year old Foreclosure!)
HUD Homes 4-Sale are all properties that have had FHA loans and been Foreclosed on. Some of these properties are eligible for "standard" FHA financing, while others don't meet FHA Property Condition standards and can be purchased only with "Special" HUD Fixer-Upper loans (the "203K Loan"--Check it out on www/hud.gov OR www.fha.gov )
THE "ONUS" OF A FORECLOSURE IS ON THE OWNER/BORROWER, NOT THE PROPERTY!
Hope this answers your questions, Larry. GOOD LUCK!
