When the US Department of Housing and Urban Development lists a property for sale, the property will be listed in one of three ways: IN (Insured), UI (Uninsured) or IE (Insured with a repair escrow. These determine the properties eligibility for FHA financing and can be important for a prospective home buyer. It is important that buyers and agents understand the differences in the three.,
IN (Insured)- HUD has determined that this property is financeable with traditional FHA financing and can be purchased using an FHA loan, Conventional loan, cash or an FHA 203k (Repair) loan.
UI (Uninsured) – HUD has determined that this property is not eligible for traditional FHA financing and needs more than $5,000 in repairs. These properties can be purchased using conventional financing, cash or FHA 203k financing.
IE (Insured with Repair Escrow) - HUD has determined that the property has less than $5,000 in repairs to bring the property to FHA standards. HUD has generated a list of required repairs and their anticipated cost that are required for FHA insurability. The property will be eligible for FHA financing once the repairs are completed. The amount of the escrow can be added to the loan amount on an FHA loan, once the repairs are completed and approved by HUD, the lender will then release the escrowed funds to the buyer. These properties can be purchased using traditional FHA financing, conventional financing, cash or FHA 203k financing.
Questions about HUD Homes? Contact Bo Evans Realty 1-800-209-4843
See our other web sites:
www.stealalabamaforeclosures.com
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