Hud Loans: Cheap, Low-Rate Mortgages for Fixer-Uppers
There are several avenues for veterans exploring purchasing a home. Arizona Mortgage Man is a client-focused company that works tirelessly to find the best possible mortgage rates on behalf of our clients. Each of our customers works directly with our loan officer, who, in turn, speaks with banks to find the best outcome. One of our favorite options is the United States Department of Housing and Urban Development (HUD) home loans. Arizona buyers can enjoy an extremely low price and often no money down. Learn more about how HUD loans work below.
Why a Hud Loan Might Work for Your Family
Houses included in HUD loans are foreclosures. When HUD retains ownership of a property, they want to sell it to a buyer. Most of these houses require a lot of work. But for those who want a challenge and are looking forward to putting their stamp on the home and the neighborhood, HUD-backed mortgages are perfect. They offer other benefits, including:
- Low Down Payments: Purchasing a house can require as much as 5% money down, which is no small chunk of change. HUD loans can require as little as $100. The difference goes a long way toward providing buyers with the capital they need to improve the building.
- FHA Loan Product: FHA loans do not require a high credit score. That makes HUD loans a worthwhile avenue for veterans who have not built excellent credit. They can use the savings from the low down payment to improve their score one monthly payment at a time.
Our Loan Officer Is Skilled in Locating Great Loan Terms
As with any mortgage or loan, the details might vary depending on the region or property. However, our loan officer has years of experience in the industry and will know how to take advantage of the HUD home loan program on your behalf. But don’t worry if we can’t find a house that qualifies. Buyers have many options available to them, including VA, FHA, conventional, and USDA home loans. We also offer loan refinancing services for those who require stability and flexibility from their mortgage. If you have questions, we encourage you to schedule a free consultation with our loan officer.