Five Ways to Buy a HUD Home in Charlotte NC

Five Ways to Buy a HUD Home in Charlotte NC

Charlotte NC Homes for Sale -Discover how to own HUD homes in Charlotte NC.

Are you looking for a HUD home?


Acquiring a Charlotte NC HUD home is excellent for many reasons. Maybe you've been dreaming of becoming an investor in real estate. Perhaps you enjoy building with your hands and would like a project, like a fixer-upper home. Or it could be that you need a home and your credit score doesn't allow you a conventional loan. 

Any of those reasons are good enough to get a HUD property.

A HUD home is a foreclosed home acquired through an FHA (Federal Housing Administration) loan. Federal Housing and Urban Development then buy the home, why is why it becomes a HUD home. Since FHA loans are issued to low to moderate income borrowers who cannot make a large down payment, expect HUD homes to be at an affordable price. HUD also sells these homes at a reduced price, making them excellent bargains if you want to own a home.

Are all HUD homes fixer-upper?

All HUD homes have been lived-in, and are sold as is. No repairs, maintenance or updates have been done to the homes from the time it has passed hands, so you can expect HUD homes to have repair issues.

However, not all homes are in a state of disrepair. There are also several move-in ready homes. When you find one, you are fortunate. When the government acquired the home, they are placed under the custody of a "field service manager", someone who checks on the home to make sure the homes are secure.

Ways to buy a HUD home

The cheap price is the main reason why HUD homes are such a big hit in the market.

Unlike buying a conventional Charlotte home for sale, you can’t find a HUD home on local online selling sites. They are available on the HUD Home Store, a one-stop shop which shows the different homes available for different states. Also, unlike other foreclosed properties, you can only buy them during the “offer period”.

Here are some ways you can buy a HUD home.

1.  Be an owner occupant and buy it through an FHA approved loan. After you find out how much home you can afford, meet with a lender and get a loan prequalification. You can then approach and ask assistance from a HUD-approved agent or Realtor®, who’ll make the bid for you.

2. Be an owner occupant and buy it with cash. This technique means you don’t need to prequalify for a loan, but you’ll still need the help of a Charlotte NC Realtor®.

3. Be a HUD Investor. HUD homes are a great investment. Initially, they are offered to owner-occupants, but after a certain period, it becomes available to all, including investors. For insured homes, you can’t bid for the first 15 days the house is listed. For uninsured homes, you can bid starting on the 6th da

4. Join the HUD’s Good Neighbor Next Door Sales Program. If you happen to be a pre-Kindergarten through 12th-grade teacher, a firefighter, or an emergency medical technician, you can receive 50% off a HUD home provided you live in the home for 36 months.

5. If you belong to a religious or nonprofit group that buys HUD homes. The government also has a list of approved nonprofit groups that take second priority of HUD homes after owner occupants.

Want to learn more about HUD homes in Charlotte? Call me, Nancy Braun at (704) 997-3794. I am a HUD-approved REALTOR® and can help you find the home that suits your budget and preferences.

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