First, I would like to answer another question from one of our readers:
Question: How good a credit score do you need to qualify for buying a HUD Home?
Here’s our answer:
Your credit score is only important, if you try to get a bank loan to finance your HUD home. The credit score does not have anything to do with the home purchase itself, only with the financing of the home. For a cash purchase, all you need is proof of funds (bank statements in your name showing that you have enough money in the bank).
In order to get an FHA loan, most banks are looking for a credit score of 620 or higher. I do have lenders who will underwrite a loan with a 580 score. Contact me for details. In addition, proof of alternative credit (e.g. utility payments, car payments and rent payments made on time for the past 12 months) will help you overcome a lower score.
For conventional loans, banks look at credit scores of 680 or higher, and will require a downpayment of 5% to 20% of the purchase price.
Featured Homes of the Week
The 3 Columbus HUD homes we decided to feature this week are on a North to South axis, starting with a large home in Lewis Center, leading us south to Grove City and Groveport. All 3 Columbus houses are newer, suburban residences and very good values for first time buyers.
9073 MISTY DAWN DR, Lewis Center, OH
List Price: $175,000 2,286 sqft 4 BR 2.5 BA
726 SCIOTO MEADOWS BLVD, Grove City, OH
List Price: $162,000 2,078 sqft 3 BR 2.5 BA
4452 LANDMARK RD, Groveport, OH
List Price: $128,000 2,112 sqft 4 BR 2.5 BA
You can see more previewed HUD homes at our website: http://columbushudhomes.postlets.com
Here you will also find a complete and up to date list of all featured Columbus HUD homes that are still open for offers, including relisted properties.
Call me at (614) 975-9650!
Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650
