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Phoenix Arizona HUD homes.
Click here to search HUD Homes.
Who can buy a HUD Home?
How are HUD Homes sold?
Are there any special programs?
Should I get a home inspection?
What about financing? The homebuying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home! Nine steps to buying a homeFigure out how much you can afford Learn about homebuying programs Step 1: Figure out how much you can affordWhat you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. The calculators below can help, but it is best to visit a lender to find out for sure.
Need help with your downpayment and/or closing costs?
A housing counselor can help you figure out how to manage and pay off your debt, and start saving for that downpayment!
Step 2: Know your rights
Step 3: Shop for a loanSave money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan.
Step 4: Learn about homebuying programs
FHA loan programs offer lower downpayments and are a good option for first-time homebuyers.
Step 5: Shop for a home
If you choose a home in a neighborhood with a Home Owners Association (HOA), be sure to request a copy of the HOA packet, so you can review before closing. Step 6: Make an offerDiscuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.
Step 7: Get a home inspectionMake your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.
Step 8: Shop for homeowners insuranceLenders require that you have homeowners insurance. Be sure to shop around.
Step 9: Sign papersYou're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!
HUD sells properties that you might want to buy! Read how you can buy a HUD home. Then, check out the listings of HUD homes in your area. If you think you want to buy a HUD home, you need to contact a real estate sales professional in your area who is authorized to sell HUD homes (most are). Your sales professional will submit a bid for you. Confused about buying a home? Find a housing counselor. They will be able to help you sort through your options. If you are a real estate broker, please read this important information. Revitalization Areas are HUD-designated geographic areas authorized by Congress under provisions of the National Housing Act. Revitalization Areas are intended to promote "the revitalization, through expanded homeownership opportunities, of revitalization areas." The criteria for designating an area as a Revitalization Area relate to 1) household income, 2) homeownership rate and 3) FHA-insured mortgage foreclosure activity. Single family properties owned by HUD as a result of foreclosure of FHA-insured mortgages and located in a Revitalization Area are eligible for sale through special programs at discounts. These HUD programs include Good Neighbor Next Door (sales to law enforcement officers, teachers and firefighters/emergency medical technicians), Asset Control Area program partnerships with nonprofit organizations and local governments and discount sales to local governments and HUD-approved Nonprofit Organizations. There are hundreds of revitalization areas across the country. You may search for revitalization areas online! HUD is always working with localities to designate new areas. For information on Revitalization Area Evaluation Criteria, please see Housing Notice 09-01.Contact your local HUD Homeownership Center to discuss designating Revitalization Areas in your community. Want advice on buying a home, renting, default, foreclosure avoidance, credit issues or reverse mortgages? HUD sponsors housing counseling agencies throughout the country to provide free or low cost advice. Search online for a housing counseling agency near you, or call HUD's interactive voice system at: (800) 569-4287. If you are facing foreclosure and want the assistance of a housing counselor, search the list of Foreclosure Avoidance Counselors. Consumer Fees for Housing Counseling Foreclosure prevention counseling and homeless counseling services are available free of charge through HUD's Housing Counseling Program. Housing Counseling agencies participating in HUD's Housing Counseling Program are not permitted to charge consumers for these specific housing counseling services. Counseling recipients should not pay for these services. However, housing counseling agencies are permitted to charge reasonable and customary fees for other forms of housing counseling and education services, including pre-purchase, reverse mortgage, rental, and non-delinquency post-purchase counseling services, provided certain conditions are met: Agencies must provide counseling without charge to persons who demonstrate they cannot afford the fees; Agencies must inform clients of the fee structure in advance of providing services; Fees must be commensurate with the level of services provided. You should contact your local HUD office if you encounter housing counseling agencies that you believe are not complying with these requirements. Elevate Your Credit ScoreThe importance of good credit is a fact of life. Banks and credit card companies decide whether to lend you money and what interest rates you will pay based on your credit score. Be prepared to examine past choices and, if necessary, to change your money habits. Decisions you make today will impact your future options. Annual Credit Report Check the accuracy of your credit report annually for free: http://www.annualcreditreport.com. To obtain your credit score fora fee, contact the three major credit reporting agencies: Equifax (1-800-685-1111) TransUnion (1-800-916-8800) Experian (1-888-397-3742) ABCs of Homebuying HUD’s series of Internet videos guides you through the credit and homebuying process. http://www.hud.gov/webcasts/archives/ homeforall.cfm Resident Opportunities and Self-Suffi ciency (ROSS) Homeownership and credit counseling for families in public housing or receiving Housing Choice Voucher (Section 8) assistance. Contact your local public housing agency: http://www.hud.gov/offies/pih/pha/contacts/index.cfm Home Loan Learning Center Information on credit scores and reports, cost comparisons, and steps to take to qualify for a loan. http://www.homeloanlearningcenter.comConsumers have more ways than ever to buy a home. Know your rights. Homebuyers should understand their mortgage contract and be on the look-out for scam artists and predatory lenders. A HUD-approved housing counselor (1-800-569-4287) can help. Borrowers’ Rights HUD off ers a complete list. http://www.hud.gov/borrowersrights Predatory Lending HUD has suggested a variety of ways to protect yourself from predatory lending. http://www.hud.gov/loanfraud For resources in your area: http://www.hud.gov/becarefulFair Housing Housing discrimination based on your race, color, national origin, religion, sex, family status, ordisability is illegal. If you have been trying to buy or rent a home or apartment and you believe your rights have been violated, you can fi le a fair housing complaint. Go to: http://www.hud.gov/complaints Owning a home is the American Dream. It’s a great way to create wealth and pass it on to your family…to build a nest egg for college or retirement... and to protect against life’s setbacks.
It starts with being smart about money. The U.S. Department of Housing and Urban Development (HUD) wants all Americans to manage their money and have the option of preparing for homeownership. watch Spending and Savings Prioritize your family’s spending needs so that saving becomes second-nature. negotiate Communicate early and often with companies or banks you owe money to so you can work out problems before they grow larger. elevate Your Credit Score Know your credit score and what it means to banks and credit card companies and your future. Read (and Understand) the Fine Print Consider all the options, educate yourself, and be informed before you sign on the dotted line. Resources are available from the federal government and non-profit and business groups. Many are free and on the Internet. If you do not have internet access, visit your local public library or HUD-sponsored Neighborhood Networks. Set money goals, and develop a plan to reach them. Decide what’s important to spend, then save the rest for a rainy day—or a downpayment on a home. Buying a Home Learn the nine key steps to buying a home. http://www.hud.gov/buying HUD’s Housing Counselors Th ey help you manage money, learn about credit, and navigate the homebuying process. To fi nd a HUD-approved housing counselor in your area, call 1-800-569-4287 or visit our website at http://www.hud.gov/counseling Neighborhood Networks Provide education and job training information. 1-888-312-2743 http://www.NeighborhoodNetworks.org Home Aff ordability An online “calculator” helps you learn what it takes to buy a home. Sponsored by the Government National Mortgage Association (“Ginnie Mae”). http://www.hud.gov/calculator Federal Reserve Education Free tools and materials to better understand money and economics. http://www.federalreserveeducation.org Putting a little money aside every month takes hard work and difficult choices. But the rewards are great. Learn about the power of compound interest. Teach your children that a few hundred dollars invested now can turn into thousands of dollars over time. MyMoney.gov Th e basics of fi nancial education. 1-888-MyMoney (696-6639) http://www.mymoney.gov “Banking on Our Future” Teaches students aged 9-18 about money matters. http://www.bankingonourfuture.org (password needed)National Council on Economic Education Sponsors “Financial Fitness for Life” (for students) and “EconomicsExchange” (for adults). http://www.ncee.net “360¢ª of Financial Literacy”Money education and weekly savings tips. http://www.360fi nancialliteracy.org
Native Financial Education Coalition Promotes fi nancial education in Native American communities. http://www.nfec.info. Many consumers, including homeowners, feel trapped by debt. But there may be other options. Contact the people you owe. They may be willing to work with you to develop new payment plans. It will show that you are serious and smart about money. FHA HUD’s Federal Housing Administration insures the mortgage (or loan) your bank may off er you to buy a house. FHA off ers families a safe, fair, and aff ordable alternative to more expensive, complex, and risky loans. NeighborWorks America Provides foreclosure workshops and counseling to mortgage borrowers, and financial education to those considering buying a home. http://www.nw.org National Foundation for Debt Management Its “Right Track” program is designed to help consumersregain control of their money. http://www.nfdm.org
1. What does your inspection cover? 2) Q: When does the revised required use definition take effect? A: The revised required use definition was withdrawn by a separate final rule published May 15, 2009.3) Q: Can a loan originator e-mail a GFE to a borrower? A: Yes; as long as the borrower consents and the other specific requirements for consumer disclosures under the Electronic Signatures in Global and National Commerce Act (ESIGN) are met, a loan originator may e-mail, fax, or send by other electronic means the GFE (and other RESPA disclosures, such as the HUD-1/1A). See section 101(c) of ESIGN, 15 U.S.C. § 7001(c); also see 24 CFR § 3500.23. The loan originator may also continue to deliver the GFE to the borrower by hand delivery or by placing it in the mail, as provided by RESPA. 4) Q: RESPA and HUD‘s RESPA regulations require that certain records be retained for a period of time. Can those records be retained electronically? A: Yes, if the person responsible for retaining records under RESPA and HUD's RESPA regulations meets the specific requirements and limitations applicable to the retention of electronic documents set out in the Electronic Signatures in Global and National Commerce Act (ESIGN), that person's responsibility will be satisfied by the retention of electronic records. See sections 101(d) and (e) of ESIGN, 15 U.S.C. § 7001(d) and (e); also see 24 CFR § 3500.23. 5) Q: Can we translate the GFE and the HUD-1 into languages other than English? A: Yes, it is permissible to translate the GFE and the HUD-1 as long as the form has been translated accurately. LAST UPDATE: September 3, 2009 2 6) Q: The term ¨Dmonthly¡¬ is used throughout the GFE and HUD-1 forms. The requirements stated in terms of ¨Dmonthly¡¬ do not work well for loans on which payments are not made monthly (e.g., are made biweekly or quarterly). In such transactions, can an appropriate payment period be substituted whenever requirements on the forms are stated in terms of ¨Dmonthly¡¬? A: No, the GFE and HUD-1 are prescribed forms. The instructions for the GFE provide that the standardized form is the required form. HUD's regulations provide that language and terms used on the HUD-1 may not be changed, except in limited circumstances which do not include changes to the standardized language (see 24 CFR § 3500.9). The intent of the standardized GFE and HUD-1 is to provide borrowers an easier means of comparing loan offers, and to determine that they are getting the loan at settlement that they were offered in the GFE. For loans with payment plans that are not monthly, the periodic payments should be converted to a monthly basis (e.g., payments for a biweekly plan with 26 payments per year would be multiplied by 26/12, quarterly payments would be divided by 3, etc.). GFE GFE - General 1) Q: What happens if a GFE is not provided to a borrower? A: In a transaction involving a federally related mortgage, the loan originator is required to provide a GFE to the borrower. Failure to provide a GFE as required is a violation of Section 5 of RESPA. 2) Q: When will the use of the new GFE and HUD-1 forms be required? A: The new GFE and HUD-1 forms must be used as of January 1, 2010. The new GFE and HUD-1 forms may be used before this date. Please note that if a loan originator issues a GFE on the new form, then the settlement agent must use the new HUD-1 form and the tolerances and other requirements in the revised RESPA regulations will apply. 3) Q: If a GFE is issued on the old form prior to January 1, 2010, and the loan will close after January 1, 2010, which HUD-1 form is to be completed by the settlement agent? A: If a GFE is issued on the old form prior to January 1, 2010, then the old HUD-1 form must be used even if closing will occur after January 1, 2010. For GFEs issued on the old form, the loan originator has the option to reissue the GFE (with the same terms and charges) on the new form, in which case the settlement agent must complete the new HUD-1 form. 4) Q: When does a loan originator have to issue a GFE? A: A loan originator must issue a GFE no later than 3 business days after the loan originator receives an application or information sufficient to complete an application. Application is defined as the submission of a borrower‘s financial information in anticipation of a credit decision relating to a federally related mortgage loan, which shall include the following: (1) borrower‘s name, (2) borrower‘s monthly income; (3) borrower‘s social security number to obtain a credit report; (4) property address; (5) estimate of value of the property; (6) loan amount and (7) any other information deemed necessary by the loan originator. LAST UPDATE: September 3, 2009 3 5) Q: What is a loan originator? A: ¨DLoan originator¡¬ means a lender or a mortgage broker. 6) Q: What fees can a loan originator charge before issuing a GFE? A: Prior to issuing a GFE, the loan originator may, at its option, collect a fee limited to the cost of a credit report. 7) Q: I am a mortgage broker. Can I provide the GFE? A: Yes, a mortgage broker can provide the GFE, however the lender is ultimately responsible for ascertaining that the GFE was provided to the applicant. 8) Q: There are not enough lines on the GFE or the HUD-1 to show all of the charges that are appropriate for some of the categories. Where should these charges be listed? A: Additional lines may be added to Blocks 3, 6 and 11 of the GFE. Additional lines may also be added to the HUD-1. 9) Q: Is a GFE a loan commitment? A: No, the GFE is not a loan commitment. A GFE is an estimate of settlement charges a borrower is likely to incur to obtain a specific loan. 10) Q: At what point can a loan originator charge a loan applicant fees for services other than the cost of obtaining a credit report? A: After a loan applicant both receives a GFE and indicates an intention to proceed with the loan covered by the GFE, the loan originator may collect fees beyond the cost of a credit report for origination-related services. 11) Q: If the borrower is taking out two loans to finance the purchase, how should the loan originator disclose the charges from each loan on the GFE and the HUD-1? A: Each loan must have a separate GFE and a separate HUD-1. However, the principal amount of the second loan and a brief explanation of the second loan should be listed on Lines 204 – 209 of the HUD-1 for the first loan. 12) Q: What are processing and administrative services? A: Processing and administrative services are those services required to perform the functions involved in title service and origination service. Processing and administrative services include, but are not limited to the following: document delivery, document preparation, copying, wiring, preparing endorsements, document handling and notarization. 13) Q: Can items be listed as ¨DPaid Outside of Closing¡¬ or ¨DP.O.C.¡¬ on the GFE? A: No, the totals included in the column on page 2 of the GFE must be the sums of the prices or fees, by category, for all settlement services that are required to be shown on the GFE. Where individual components of these totals are required to be itemized, each third party settlement service must be identified and the estimated total price or fee to be paid for that service must be stated to the left of the column. The standardized GFE form does not allow information to be included on any part of those totals that would be paid outside of closing. Such information LAST UPDATE: September 3, 2009 4 would not help borrowers to shop for loans and would not facilitate comparison of the charges on the GFE with the charges on the HUD-1. GFE – Seller paid items 1) Q: If at the time a GFE is issued it is known that the seller will pay settlement charges typically paid by the borrower, how are the charges disclosed on the GFE? A: All charges typically paid by the borrower must be disclosed on the GFE regardless of whether the charges will be paid for by the borrower, the seller, or other party. 2) Q: Are charges to the seller listed on the GFE? A: RESPA requires that only the borrower receive a GFE. The GFE is defined as an estimate of settlement charges a borrower is likely to incur in connection with the settlement. Charges that typically would not be charged to the borrower, but would be charged to another party—such as the seller—do not have to be included on the GFE. If the borrower typically would incur charges for title services and lender's and owner's title insurance, the GFE instructions make it clear that those charges are required to be listed regardless of whether, for example, the contract requires the seller to pay for the service. If there is a question about whether the borrower or seller is to pay for a particular settlement service, the charge for that service should be disclosed on the GFE Phoenix Arizona HUD homes. :: Home :: Foreclosed Homes :: Our Homes Actives & Solds :: Phoenix Arizona HUD Homes :: FHA :: Good Neighbor Next Door :: HUD Revitalization Areas :: Homebuyer Education :: Buyer Advisory :: Buyer's Resources :: Pre-Qualify :: Dream House Finder :: Free Buyer Reports :: Credit Grade Calculator :: 10 Important things to ask :: Tax Credit :: Qualify For Home Loan :: Short Sale Your Home :: Seller's Resources :: Market Analysis :: Free Seller Reports :: Phoenix Arizona Homes for Sale :: Search Phoenix Arizona HUD Homes :: Purchase Contract :: Real Estate Agency Disclosure & Election :: As-is Addendum :: Buyer Broker Agreement :: Short Sale Addendum :: HOA Addendum :: Buyer's Inspection & Seller's Response :: Exclusive Right to Sell :: Residential Profile Sheet :: Seller Property Disclosure Statements :: Calculators :: Mortgage Rates :: Loan Programs :: Credit Report :: ARM Loans :: Avoid Predatory Lending :: Blog :: Marketplace :: Rent Vs. 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