All across Georgia HUD Homes are available for as little as $100 Down. We are using this incentive along with FHA 203K Renovation Loans to help our clients create huge equity positions with almost NOTHING out of pocket!

HUD foreclosures are homes that previously had FHA loans on them. Many of them fall into the perfect price range for the first time home buyer. Generally, you will see many of them listed in Georgia between $50,000 and $200,000. This listing price is usually at a deep discount to “as is” value and an even deeper discount if you are looking to renovate with a FHA 203K renovation loan.

1.) Locating the Property — If you want to find the deep discounts you’ll need a top notch experienced HUD Realtor. Feel free to contact us for help, we know the best in the business. In the meantime if you want to get an idea of what Atlanta HUD Homes are available go to www.HUDPemco.com and check out the selection. The bidding process is very important, the right Realtor guiding you is IMPERATIVE!

2.) Determining the Financing — Here I’ll assume you have already been pre-approved (ALWAYS THE FIRST STEP). Atlanta HUD Homes come in a few different flavors. First, there is FHA Insurable. That means traditional FHA purchase financing is available. It also means the HUD Home needs less than $5000 in repair. HUD will actually escrow that for you to complete what needs to be done to get it in minimum FHA allowable condition. If the house is not FHA insurable you’ll need to go with FHA 203K financing. FHA 203K loans allow for up to $35,000 in repair to be financed into your loan. If you want the scoop on FHA 203K I suggest you visit 203KLoan.net. For the purposes of this article will assume that you have choose a fixer-upper and need to renovate.

3.) Contractor Selection and Bids — I’ve written a more in-depth article that you can find on MyFHABlog.com about the selection process. This is the most important part of the entire process, select carefully or just call us and we’ll be happy to provide you with our fully vetted and approved 203K contractor list. Regardless, keep your repairs cosmetic and make your bids detailed. Underwriting will require and it will ensure you and the contractor are on the same page.

Once your FHA 203K loan close the contractor can begin work. If you have chosen properly the repair should be completed in 30 days. It is not unusual for our finished products to have 30% or more in instant equity. To get started on your FHA 203K renovation check out our FHA 203K Rehab Assistant.

Jonathan Blackwell

Hometown Lenders

404-551-3845

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