When the FHA (Federal Housing Administration) insures a loan on a 1 to 4-unit residential property, and that loan goes into foreclosure, HUD (Department of Housing and Urban Development) is the entity that ultimately comes into possession of the foreclosed property. These homes then go on the market at their current “fair market value” as
For people who dream of owning their own home soon, the idea of coming up with the money that they need to seal the deal – down payment, closing costs etc. – can make that dream seem nearly impossible. Saving up such a large chunk of money can seem like a pipe dream, especially if
Buying a house is a difficult and complex process under the best circumstances. At first glance, it can seem nearly impossible if you have a bad credit score. While less than ideal credit can add some challenges to the home buying process, it certainly does not make it impossible to get approved for a mortgage
Closing costs refer to expenses beyond the price of the property when you’re purchasing a home. There is a list of expected costs that you should expect at closing, when purchasing a home. These will vary by transaction and depend largely on the type of financing that you’re using and the professionals you’re working with
Knowing how to flip a house is just like any other skill or trade. While wildly popular, success will be largely determined by a delicate balancing act of time and money. Novice entrants into the industry see pros netting an average gross profit of more than $58,000 and scramble to join the fray. Unfortunately, house
The warranty deed legally transfers ownership of the house from the previous owner to you. If you’re purchasing a home, the warranty deed is an essential part of the document package you sign during closing. Understanding what a warranty deed is, who holds it, and how this can affect your claim on the property is
Living with a disability means that finding housing is much more than considering price, schools, and style. Disabled individuals also have to look for homes that are safe, affordable, and accessible, and often, those options are few and far between. Though it is sometimes difficult to locate the right home for disabled individuals, it’s not
Memphis is the second largest city in Tennessee and home to a population of more than 1.3 million people in is greater area. The city is known for Graceland, music, barbecue, and civil rights history. But its riverfront amenities, Beale Street, natural aquifers, entertainment, and excellent cost of living are what make Memphis a
With a population of nearly 10 million, Chicago is the third most populous metropolitan area in the United States. It’s also one of the most important business centers in the world and is known as a global architecture capital. An international hub for finance, industry, technology, and transportation, Chicago is ranked seventh in the world
Sugar Land is one of Houston’s primary suburbs and a city in its own right. It is one of the fastest growing cities in Texas, attracting affluent home buyers, families, and investors. Sugar Land is known for its excellent amenities and job growth. It’s a city where families can thrive with good employment, restaurants, and
One of the largest cities in Florida, the Orlando metropolitan area has a population of nearly 2.5 million people. Orlando is known for its tourist attractions, food scene, year round events, golf, access to national parks, and year round warm weather. Known as the Theme Park Capital of the World, Orlando is home to Walt
Purchasing your first home is a major commitment and a significant expense. You need to budget for your home inspection, appraisal, down payment, and closing costs. You’ll need to pay for your first year’s home insurance premium upfront, and most savvy homeowners choose to invest in a home warranty at this time as well. If
