My team recently found out through Eric Smith at Wells Fargo that he has a little known program available to homebuyers through HUD PD Mortgages. We recently asked Eric to explain it to us and this is what he shared:
What is This Program?
HUD has thousands of real estate owned (REO) properties for sale. They have a need to find buyers for these properties, thus stimulating the economy and minimizing impacts on a neighborhood. Wells Fargo has teamed up withFHA to offer special financing for these HUD REO properties.
What is A HUD PD Mortgage?
The HUD PD Mortgage provides buyers more options for financing HUD owned REOs. Our team is experienced in providing REO financing. Our Fulfillment sites have been specifically trained on this new REO product and are ready to help process our buyer’s loans.
HUD PD Mortgage Key Benefits:
- No appraisal
- Low down payment
- Flexible mortgage terms (fixed rate or adjustable rate)
- Financing option for buyers with less than perfect credit
- Available for primary residences
All HUD REO’s are eligible. Properties available for the HUD PD Mortgage can be viewed at www.hudhomestore.com. If you would like to strategize with Eric about what may be best for you feel free to call him at 919.201.1745.
Have a great week,
Linda