When a homeowner sells their home to a family member at a price well below the market value, it is sometimes considered a gift of equity.
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HUD Homes are one- to four-unit residential properties acquired by the United States Department of Housing and Urban Development through foreclosures on FHA insured mortgages. Once HUD is in full ownership of the home, they put it up for sale in order to cover the loss on the foreclosure. HUD homes are available for purchase to anyone with the required cash or who qualifies for a home loan, including investors. Eligible one- to four-unit properties, as defined by HUD, are either a single-family, duplex, triplex, or fourplex.
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Maybe you’ve been scouring the web for home listings in your area, but how long does it actually take to buy a house once you’ve decided you’re ready? It’s an excellent question -- especially because the length of the home buying process can vary significantly. It all depends on the area you want to buy a home in, your eligibility, and several other variables.
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Buying a home can be one of the biggest financial decisions you’ll ever make-- so how do you make sure you’re ready to make the leap? First, you need to make a plan: that means figuring out how to get your finances in order, examining your potential budget, and setting a timetable for home ownership. Keep in mind that home buying process can be a rough ride-- or easy sailing, and a lot of that depends on how much preparation you do.
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