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  of one week for owner occupants, unsold properties are available to all buyers,  including investors. Call Imagine Real Estate at 260-748-3000 for more details.

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. For your convenience most HUD listed properties include a Property Condition Report, that is NOT a substitution for a full home inspections. Ask Imagine Real Estate about special conditions that apply to HUD homes regarding inspections.

What do the FHA Insurable Codes Mean?
IN-Insurable, FHA will finance home as-is with no repairs required.

IE- Insured Eligible, FHA will finance the home with repairs made. These repairs can typically be added to the mortgage amount thru an escrow account that is used to pay for the repairs after closing. The repairs required can range from $1-$5000.

UI- Uninsurable. Property does not meet FHA MPS (MInimum Property Standards) and would require more than $5,000 in repairs. Typically these homes have MAJOR DEFECTS.

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. In Indiana HUD is currently offering owner occupant buyers, financing with an FHA Mortgage $100 down! Call Imagine Real Estate at 260-748-3000 and we can give you names of FHA lenders in the Northeast Indiana and Fort Wayne areas.