What is a HUD Home?A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
Who can buy a HUD Home?Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.If you are an evacuee displaced by Hurricane Katrina, Rita or Wilma, HUD could sell a HUD home at a discount to you!
How are HUD Homes sold?All properties available for purchase by the public are offered for sale at Internet listing sites maintained by management companies under contract to HUD. Any real estate broker registered with HUD may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker's commission, if included in the contract.
Are there any special programs?Properties in designated areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments. Read more about these Good Neighbor Initiatives.
Should I get a home inspection?We encourage you to get an inspection after your offer is accepted. All HUD Homes are sold AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems.
What about financing?Although HUD does not offer financing directly, some of our homes qualify for FHA-insured loans. Shop around for a lender to find the best loan terms. Find out how an FHA loan can help you.
I think the city of Ball Ground, GA, is often overlooked as a "small" rural community, removed from the bustle of the more southerly portions of Cherokee County. I have encountered online discussions that comment on the lack of "shopping" and "entertainment", and distance from main hubs of activity (including somewhat disparaging remarks), that imply it's not worth considering as a place to live.
And to a degree, some of the statements are true. Ball Ground has no mall or megaplex theater or Wal-Mart. But then again, not everyone needs those things on their doorstep -- many in fact would prefer not to have them. What I feel many are missing when they exclude homes for sale in Ball Ground from their search criteria, is the breadth of the area and properties contained within the search term "Ball Ground", and the future potential of this quiet community.
Without going into great detail about demographics or history (which information is readily available on the Internet), I would like to point out some of the features that I feel make Ball Ground real estate of particular appeal to the right buyer.
In my opinion, Ball Ground's position between the fast growing towns of Canton and Jasper (and to an extent Cumming), make its long term growth inevitable. Residents meanwhile are able to avail themselves of the medical, retail, service, dining and entertainment industries of these surrounding cities, mere minutes away, without the crowding or congestion. There is the sense of being away from it all, yet commutes are very reasonable for those working further afield. A best of both worlds scenario.
Progress is being made on some local commercial development, including a new Publix store, which will provide for more immediate needs, and the city has raised $1.3 million for a streetscape project that will improve on existing pedestrian infrastructure. A new city hall and post office, and fairly new library, are already in place. All important factors that play into my main point . . .
While the Ball Ground of today has the appearance of a one street town, occupied mostly by the late Oscar Robertson's collection of rock-filled storefronts, all the signs are in place for change on the horizon . . . but, Ball Ground real estate prices right now are still at a very reasonable level!
What many buyers considering Ball Ground homes for sale perhaps overlook is that of the more than 200-homes available in the area, many are newer, on larger acreage, or actually closer to conveniences than first thought. For example, some of the listings of houses for sale are actually in Pickens County, in the Yellow Creek / Four Mile Church Rd area (such as The Oaks at Yellow Creek), while still others are further east, all the way over in Forsyth County along Highway 369 (Matt Highway), such as homes found in The Preserve at Etowah, Poole's Mill, or River Hill . . . all still considered to be part of the Ball Ground area.
Even within Cherokee County, homes or land designated as having a "Ball Ground" address can be found as far from the actual city limits as west of Highway 515, extending from Bethany Road up to the Pickens County line -- Rock Chimneys, Bethany Manor and Stonewood Farms are examples of developments in this portion. Heading south, Ball Ground homes for sale can be found along East Cherokee and Coker's Chapel all the way down to busy Highway 20, including the neighborhoods of Creekside Estates and Smithwick Crossing.
As mentioned, many homes offer large acreage or other features not readily found in more built up areas, particularly the great many houses that do not fall within any clearly defined subdivision. Prices vary greatly, everything from the mid-$100's to low-$200's found in Bethany Manor, Olde Mill, River Brooke, Lantern Walk, Smithwick Crossing and Mountain Brooke, to the high-$200's and $300's found in Creekside Estates, Maple Valley, Rock Chimneys, Stonewood Farms, and Oaks at Yellow Creek. There are even the $1-million plus neighborhoods of Hawk's Ridge and Woodhaven Bend for the higher-end buyer.
Aside from the improvements taking place within the city itself, one of the important elements I see is that a number of these newer, affordable neighborhoods are located within, or close to, the city limits, on small level lots, making maintenance easy, and walking to at least some conveniences possible. (Mountain Brooke North, Olde Mill, Lantern Walk, Maple Valley). Styles are generally some combination of Craftsmen / traditional, and often are slab or one-level living, for a consistent appearance and possible suitability to retirement or senior living, as much as starter or family homes. One community (Lantern Walk) even bills itself as an "Active Adult" community. If this trend continues, Ball Ground may be able to offer a truly "community" feel for the great number of people who would like to see a return to this type of lifestyle. And to me that's a huge selling point.
(For those who prefer to "keep their distance", The Oaks at Yellow Creek offers 3+ acre wooded lots and Creekside Estates 2+ acres, so again, plenty of choice for all home buyers).
Overall, Ball Ground has too much to offer from location, convenience, affordability and charm to remain a secret forever, and I don't expect it to stay that way. The opportunity to get in on the ground floor is likely now, while prices are reasonable . . . probably won't be the case a few years from now.
Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?
If you are unable to make your mortgage payment:1. Don't ignore the problem.The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.2. Contact your lender as soon as you realize that you have a problem.Lenders do not want your house. They have options to help borrowers through difficult financial times. 3. Open and respond to all mail from your lender.The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.4. Know your mortgage rights.Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office. 5. Understand foreclosure prevention options.Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL .6. Contact a HUD-approved housing counselor.The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.
7. Prioritize your spending.After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.8. Use your assets. Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home. 9. Avoid foreclosure prevention companies. You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.10. Don't lose your house to foreclosure recovery scams!If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.
WASHINGTON - Many American consumers overpay by thousands of dollars in total closing costs when they purchase their homes, according to a new nationwide report from the Urban Institute. The study found that there are significant and unsupported variations in loan charges, title fees and other closing costs charged to homebuyers, and that minority borrowers pay hundreds of dollars more in total loan origination fees than do non-minority homebuyers.
In A Study of Closing Costs for FHA Mortgages, noted economist Dr. Susan Woodwardanalyzed more than 7,500 mortgages originated in May and June of 2001, a period of relative interest rate stability. The Urban Institute's study found significant disparities in closing costs even when it compared borrowers with identical credit scores, loan terms and mortgage amounts. In addition, variations appeared to be based on education level, geography, race and ethnicity. Even after accounting for these factors, there remain very substantial variations in what consumers pay at settlement.
"This report demonstrates once and for all that the process consumers endure when they buy their homes is entirely too confusing," said HUD Deputy Secretary Roy A. Bernardi. "Clearly, we need to open the window and allow consumers to understand the fine print and shop more effectively for the largest purchase of their lives."
HUD is currently proposing to improve disclosure of the loan terms and closing costs consumers pay when they buy or refinance their home. For the first time ever, HUD is proposing that all mortgage lenders and brokers provide consumers with a standard Good Faith Estimate. By more openly disclosing the key elements of the loan and by controlling "fee creep" at closing, the Department seeks to provide consumers with enough information to allow them to shop for the lowest cost loan. In addition, HUD's proposed Good Faith Estimate will promote comparison shopping and market competition by clearly articulating to borrowers their total estimated settlement charges. Ultimately, HUD's own economic analysis finds that by offering consumers clearer, more certain cost estimates, the average borrower will save approximately $700.
Key findings of the report include:
Brian Montgomery, HUD Assistant Secretary for Housing and Federal Housing Commissioner, said, "The core problem is that too many Americans sign a mountain of documents they don't understand and pay thousands of dollars for services that they've probably never heard of. This report proves that the more informed you are, the less you pay. Our common goal should be to increase competition and transparency, and to help take the mystery out of buying a home."
Dr. Woodward examined data from a national sample of 7,560 FHA-insured, 30-year fixed-rate home purchase loans. Data were collected on how much borrowers paid for lender or broker services, title services and real estate agent services. The data were then linked to information on borrower and loan characteristics including loan amounts, interest rates, credit history, income, borrowers' race and ethnicity and the racial composition and educational attainment in the borrower's neighborhoods.
Woodward is an expert in financial economics and has held appointments in both academia and government. She has been on the faculties of the University of California at Los Angeles and at Santa Barbara and the University of Rochester's Simon School. She has also served as Chief Economist of the Securities and Exchange Commission (SEC), Chief Economist of HUD, and Senior Staff Economist for Financial Markets and Institutions at the Council of Economic Advisers. Dr. Woodward is currently the founder and chairman of Sand Hill Econometrics, Inc. in Palo Alto, California.
The Urban Institute is a nonprofit, nonpartisan policy research and educational organization that examines the social, economic, and governance problems facing the nation. The views expressed are those of the author and should not be attributed to the Urban Institute, its trustees, or its funders.
To read the full report, visit HUD's website.
WASHINGTON - Nearly a quarter of a million more families could be eligible this year to purchase or refinance their homes using affordable, FHA-insured mortgages, thanks to the economic growth package signed into law by President Bush last month. The Economic Stimulus Act of 2008 will allow HUD's Federal Housing Administration (FHA) to temporarily increase its loan limits and insure larger mortgages at a more affordable price in high cost areas of the country.
"The stimulus is providing immediate relief to homeowners," said HUD Secretary Alphonso Jackson at a Greater Las Vegas Association of Realtors keynote speech. "It raises the Federal Housing Administration's loan limits, enabling more families to qualify for a safe, affordable FHA mortgage. This is important. Families in high-cost states have been priced out of FHA-backed loans. This has created a vacuum, filled by exotic subprime loans. Families with home loans up to $729,750 will now qualify for an FHA loan, depending on where they live."
Beginning today, HUD will offer temporary FHA loan limits that will range from $271,050 to $729,750. Overall, the change in loan limits will help provide economic stability to America's communities and give nearly 240,000 additional homeowners and homebuyers a safer, more affordable mortgage alternative. The maximum amount of $729,750 will only be applicable to extremely high-cost metropolitan areas such as: New York, Los Angeles, San Francisco and Washington, D.C. HUD also calculated new limits for loans to be purchased by Government-Sponsored Enterprises (GSE) Fannie Mae and Freddie Mac.
"Many families all over the U.S. will benefit from this access to credit, and increasing these loan limits will inject much-needed liquidity into the housing market," said FHA Commissioner/Assistant Secretary for Housing Brian Montgomery. "Even moderate-cost areas like those in the South and Southwest such as Dallas, Houston, Augusta and Tallahassee will be helped, with most loan limits there rising to $271,050."
There are 75 areas in the U.S., out of a total of approximately 3200, that will be eligible for the highest loan limit of $729,750. Previously, FHA's loan limits in these very high-cost areas were capped at $362,790.
The Economic Stimulus Act of 2008 permits FHA to insure loans on amounts up to 125 percent of the area median house price, when that amount is between the national minimum ($271,050) and maximum ($729,750). The new minimum and maximum loan limits are based on 65 percent and 175 percent of the conforming loan limits for Government-Sponsored Enterprises in 2008, which is $417,000. The FHA used a combination of existing government data sets and available commercial information to determine the median sales price for each area, and released the data approximately two weeks after the President signed the stimulus bill. The change in loan limits are applicable to all FHA-insured mortgage loans endorsed after HUD publishes the increased loan limits today, and it lasts until December 31, 2008.
By increasing loan limits nationwide, FHA will provide much needed liquidity and stability to housing markets across the country. Already, as conventional sources of mortgage credit have been contracting, FHA has been filling the void. From September to December 2007, FHA facilitated more than $38 billion of much-needed mortgage activity in the housing market, more than $15 billion of which was through FHASecure, FHA's refinancing product. By focusing on 30-year fixed rate mortgages, FHA helps homeowners avoid and escape the risks associated exotic subprime mortgage products, which have resulted in rising default and foreclosure rates.
In January 2009, FHA's maximum loan limit will return to $362,790, unless the U.S. Congress approves bipartisan legislation to permanently increase loan limits as part of the FHA Modernization bill, which is still awaiting final approval on Capitol Hill.
"In January 2009 the loan limits will return to their previous setting," Jackson said. "We need a more permanent solution. So our next step must be to modernize the 74-year-old FHA. Two years ago, before the downturn, we introduced an FHA modernization bill to Congress. Our plan offers flexible down payment requirements and higher loan limits. It would also enable the FHA to fairly price premiums, taking risk into account so the market makes rational decisions. We don't want anyone caught by surprise again. FHA modernization could help a quarter of a million families this year alone. It passed the House and Senate in overwhelmingly bipartisan fashion. But a final bill has yet to reach the President. Congress must act-now!"
Jackson noted that the Administration could not wait for Congress to act. "Last August, the President and I introduced FHASecure. It helps responsible families who, having paid their bills on-time under the original interest rate, find themselves falling behind under the reset rate. For the first time, these delinquent families would be able to qualify for an FHA loan. 'Underwater' borrowers and those in the process of foreclosure may also qualify." Since August, FHA has helped 110,000 homeowners who were current or past due on their loans refinance with an additional 200,000 expected by year's end.
Jackson also discussed the Administration's efforts with the Hope Now Alliance, and industry-led effort that has been reaching out to borrowers in trouble. Hope Now members have contacted over a half million homeowners. Their hotline now receives more than 4,500 calls a day. Industry has modified 1 million loans since the second half of last year, keeping homeowners in their homes.
"We can create the conditions for recovery," Jackson said. "We can make the boom-bust cycle shorter and shallower. We can replace gimmicks and shortcuts with transparency and honesty. And we can take the necessary steps to prevent foreclosure. That's right, foreclosure is not inevitable, it's preventable. And we have the tools to prevent it."
Discussing recent efforts in Congress to bail out lenders, which the Administration opposes, Jackson said" Americans are a fair people. They want to help. But they understand that the answer to an economic challenge must ultimately come from the people who drive the economy. They want the tools of recovery in their own hands. And they do not want to kill the spirit of opportunity that made this country great."
FHA loan limits are based on the county in which the property is located. However, for properties located in metropolitan or micropolitan statistical areas, the limit is set at that of the county with the highest limit within the metropolitan or micropolitan area.
The new temporary FHA loan limits are posted on the HUD website: https://entp.hud.gov/idapp/html/hicostlook.cfm and www.fha.gov. Read the loan limits mortgagee letter for additional details www.hud.gov/offices/adm/hudclips/letters/mortgagee/08-06ml.doc
NOTE: To read the Prepared Remarks for Secretary Jackson, visit:http://www.hud.gov/news/speeches/2008-03-06.cfm
WASHINGTON, June 05, 2008
The National Association of Realtors® testified today that a temporary tax credit would be the best incentive to move hesitant home buyers into the market. NAR based its support on the success of a 1975 temporary tax credit designed to "clear an over-supply of newly constructed homes during an economic downturn."
“We urge Congress to move quickly to conference and final passage of this tax incentive,” said Jim Helsel, NAR treasurer and a partner in RSR Realtors® in Lemoyne, Penn. “Failure to act quickly could further stall the housing market, hurting many of our members, who are predominantly small businesses owners and self-employed individuals.”
Testifying for NAR before the House Committee on Small Business, Helsel noted “three critical features for an optimal home buyer tax credit.” The credit should apply to all residential real estate, not solely foreclosed properties; it should be temporary and only apply for a short period of time; and it should provide higher income limits than those the House has imposed, particularly for single individuals. “If these measures are put in place, many individuals who are sitting on the fence will take steps to buy a home. This would not only help homeowners, buyers and sellers, but also it could expand activity as individuals furnish, paint and improve their homes. This would help boost the nation’s economy,” Helsel said.
NAR also discussed the importance of updating the “passive loss” rules that were enacted in 1986 to bring small investors back to real estate. The passive loss rules were not indexed for inflation, making the tax incentive irrelevant in most cases.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Source: NAR 2007 Profile of Buyer's Home Feature Preferences
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Georgia School Report Cards: http://reportcard.gppf.org/desktopdefault.aspx
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