Tucson FHA Mortgage Loan Tip

There is an abundance of Arizona Bank Owned REO property on the Tucson MLS.  Anybody planning on buying a home in Arizona using a Tucson FHA Mortgage Loan must know the following tip.  A vacant Bank Owned or REO property will typically have all it’s mechanical systems turned off.  Often for quite some time.

Tucson FHA Mortgage Tip for purchase of Vacant Property:

• When an appraiser inspects the property they will check the utilities and mechanical systems as an FHA requirement.  If they have been disconnected prior to the appraiser inspecting the property, to qualify for a Tucson FHA Mortgage Loan they will need to be turned on and the mechanical systems will need to be checked by a licensed contractor or qualified inspector.  The contractor or inspector must certify that the systems have been turned on and are working properly.

Planning appropriately with this Tucson FHA Mortgage Tip in mind will without any doubt save you time and frustration.  Just imagine applying for a Tucson FHA Mortgage Loan for the purchase of a vacant bank owned property and all the utilities are off.  You hire the appraiser who inspects the vacant property.  The appraiser then will take the next several days to complete the appraisal report and then submit it to us(total time, 1-2 weeks) for your Tucson FHA Mortgage Loan.  At this time your mortgage guy calls and tells you “the utilities are not hooked up.  Get them hooked up and you’ll need to pay a qualified inspector to verify that all systems are working properly.”

If that happens, you’ve added time and the additional inspector cost to the already lengthy process of home buying.

Arizona USDA Rural Development Home Loans will also follow this same tip.

To find out how much you qualify for today, click on the Get Started tab above or click here.

Apply online for an Arizona FHA Mortgage Loan and get pre-qualified today.  Or call (520) 225-0380 to speak with a Tucson FHA Mortgage Loan Originator today!

Everyone wants a great deal on buying their next peice of Real Estate and buying a HUD Repo Home and a very special FHA HUD REPO Home Loan, could be your path to finding just that… a GREAT deal in Arizona Real Estate.

What Exactly Is A HUD Repo Home and how can an FHA Mortgage Loan help me buy one?

A HUD Repo Home is a home that HUD held the mortgage on, foreclosed and now owns. HUD is not in the business of holding onto homes, they want to sell them. So they offer the HUD Repo homes at a discount and often offer incentives to fuel the purchase.

When HUD Repo homes are sold, the priority to purchase the home goes to someone who intends to occupy the HUD Repo as their primary residence, who will often use the FHA HUD Repo $100 down loan program. If the HUD Repo doesn’t sell, then it becomes available to any potential buyer, including real estate investors.

So what loan programs can help me buy a HUD Repo Home?

FHA has a special Mortgage Loan designed exlusively for purchasing HUD Repo Homes. It’s called the FHA $100 Hud Repo Loan and it is available now. Using this loan you can finance up to 110% of the purchase price allowing you to roll in closing costs and prepaids.

FHA also has the 203K Rehab Home Loan which allows you to buy a primary residence with the standard FHA down payment of 3% which is typically based off of the rehabilitated value.

To buy a HUD Repo with only $100 or to get an FHA Home Loan and Rehab a property to gain instant equity, contact me through this website.

I’ll also be happy to provide a list of HUD homes available for the FHA $100 HUD Repo Loan.

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