Saturday, July 31, 2010

Crip's HUD Report 7-30-2010: The No Money Down Edition

You read that correctly, a legitimate no money down loan exists.  Better yet, this loan has:
- No down payment
- No mortgage insurance
- Loan amount up to appraised value
- Payment assistance available
- 33 year term, with possible 38 year
- Availability to those with acceptable credit (not perfect)

The catch?  They must be rural properties, you cannot own a home at time of closing, and there are income limits.  Hit me up for more info or to get pre-approved for one of these loans.  My list of the currently eligible listings will appear at the end of this week's post,  but first let's check out those...

NEW HUDS FOR 7-30-2010
click for pics of all the properties! 

4416 S Shenandoah St, Greeley: $49,000. 3 (I say 4) bed, 2 bath, 1508 sq ft, 1996, 1 car attached, UNINSURED. Along comes one of the cleanest manufactured homes we've ever had in Hill-N-Park and lo and behold it won't go FHA. Why not you ask?  HUD notes: "One HUD certification label is missing from exterior. Subject is not permanently attached to foundation, permanently anchor frame to foundation. Repair/replace - crawlspace cover; deck stain; roof shingle."  Obviously, this had an FHA loan on it at one point in time, so I don't know if the house magically unattached itself or what.  Be advised!  And bring your cash.  Scope the video and pictures because this one is pretty nice on the inside, with all appliances included, the one car garage, and a gigantic shed in the backyard. 
Pics start right here:   Owner occupant bids due 8-8-2010, investors daily thereafter if available.

3106 39th Ave, Evans: $141,000. 3 bed, 2 bath, 1317 sq ft over full half-finished basement, 2001, 2 car attached, $100 down with NO repair escrow.  This Ashcroft Heights ranch is fairly awesome.  The main floor is in great shape and really doesn't need anything in terms of repair but will require a couple of kitchen appliances.  The basement is half finished, and I don't mean half of the basement is done and the other half is not; rather, the entire basement has been framed and drywalled and the bathroom also has a tub but that's about it.  It is set up to have another two bedrooms, the full bath, a gigantic living room and two storage areas.  So, some finish and trim work on your part could result in a lovely 5 bedroom, 3 bath home in one of Greeley/Evans most value-packed neighborhoods.  Check it out if you're in the hunt. 

Pics start right here:  Owner occupant bids due 8-8-2010, investors daily thereafter if available.  

2433 Bearwood Ave, Greeley: $72,000. 3 bed, 2 bath, 846 sq ft over full 25% finished, 2002, 2 car attached, $100 down with $1925 repair escrow for flooring.  This East Meadows ranch is listed as a 2/1 since the basement hides the extra bed and bath.  Unbelievably, a permit was pulled to finish said basement.  This is a relist, and as such owner occupant bids are due 8-3-2010, investors daily thereafter if available.

110 Beacon Way 5G, Windsor: $115,000. 2 bed, 2 bath, 1131 sq ft, 2001, 1 car detached, $100 Down, no repair escrow.  This Water Valley condo lacks appliances but is the cheapest in the area by almost $15k.  It also has a super-dope screened balcony, perfect for grilling.*  Pics start here: Owner occupant bids are due 8-3-2010, investors thereafter if available.  *Verify with HOA what types of grills, if any, are allowed on balcony....!

  513 5th Ave, Greeley: $20,000. 2 bed, 1 bath, 1008 sq ft, 1900, $100 Down with $3630 repair escrow.  Let's see, it's in a floodplain, has a fat repair escrow and thus a laundry list of repairs (Repair windows, Remediate mold like substance, Repair soffit and fascia, Repair furnace, Repair plaster, Correct interior defective paint). But it DOES have a basketball hoop attached to the front of the house and a cement ramp up the front steps! It has also been REDUCED several times, the last reductionn being a whopping $2500.  I have finally posted pics so you no longer have to scare yourself imagining its appearance! The pics start here:  Owner occupant bids are due 8-3-2010, investors thereafter if available.
  506 Lucca Dr, Evans: $61,200. 1 bed (plus loft), 1 bath, 1017 sq ft, 1 car attached, 2002, fully FHA insured, $100 Down.  It's been a while since we've had one of these Tuscany condos, and they tend to be exceptional deals that sell fast.  The occupancy rate seems to have skyrocketed in here as well, which is a good sign.  This is a 2nd floor unit that sits above its garage (and the unit below) and features a MASSIVE vaulted ceiling, gas fireplace and an upper half-level loft that has a well-conceived closet, making this one something like a 2 bedroom (similar set-ups get listed as 2 bedrooms all the time).  The carpet is a wee bit dirty and there aren't any appliances, and the unit also overlooks a RV parking area.  But yo, it's $68k (ahem, $61,200).  Pics start RIGHT HERE.  Owner occupant bids are due 8-3-2010, investors thereafter if available.
  1406 25th Avenue CT, Greeley: $102,600. 4 bed, 2 bath, 2220 sq ft, 1963, one car detached, $100 Down with $4400 repair escrow.  The sole new listing from one month ago is a conundrum.  It's a bi-level with a detached garage and a MASSIVE yard and it sits in a beautiful and stable neighborhood.  And yes the house is technically intact, but the kitchen is in the lower level.  Is that a problem?  Well no, but it's just kind of....weird.  In the upper level in lieu of the kitchen is a long, pointless room that sits adjacent to the living room (and is elevated a couple of steps for some reason), and the rest of the house shows signs of the previous owners' rehab aspirations.  They never happened.  So what's left is a upper level bathroom with nice tile work and a PVC-and-nasty-piece-of-wood shower curtain rod, no sink (!) and a pointlessly small linen closet.  There's a lot of potential here, just be aware that most people prefer their kitchens next to the living room.  You know?    Pics start here:   Owner occupant bids are due 8-3-2010, investors thereafter if available.


3294 Wigwam Way, Wellington: $183,500. 3 bed, 3 bath, 1538 finished sq ft w/ 711 unfinished bsmt, 2004, 2 car attached. This nice two story in Buffalo Creek has tile and granite throughout the home, alder kitchen cabinets and some crown molding, a covered patio and a fenced yard.  Shows well, quiet neighborhood.  Pics start here:  Call me immediately to get an offer submitted straight away.

164 Falls Creek Dr, Bellvue: $136,900. 2 bed, 2 bath, 2094 finished sq ft, 1940, .71 acre lot.  This Poudre Park 'raised ranch' has a walk-out basement, an open layout with hardwood flooring, and is a few hundred feet from the River.  It is assessed for $219,700 so this one might be the bargain of the week especially considering the USDA loan or the more vanilla Fannie Mae HomePath.  Pics start here:  Call me immediately to get an offer submitted pronto.

1100 Giant Track Rd, Estes Park: $225,900. 4 bed, 2 bath, 1920 finished sq ft, 1965, 1.37 acre lot.  This raised ranch has amazing views, a large wrap-around deck and has the potential to be one of the coolest houses around.  A-1 zoning allows for 5 rental units (!), and horses are allowed.  It is currently a wood panel nightmare, so bring your designer touches.  Assessed for $279,600.  Pics start here: Call me immediately to get an offer submitted asap.

142 Navajo Peak Ct, Livermore: $216,900. 4 bed, 2 bath, 1750 sq ft over 1460 mostly finished basement, 2002, carport, 2.18 acre lot.  This one is probably the nicest of the bunch in terms of its current condition.  While not quite in move-in condition it's darn close with an open floor plan, vaulted ceilings, hardwood floors, a super-nice kitchen with center island, granite countertops & a double-sided fireplace.  This is yet another raised ranch so it too features a walk-out basement.  Master bedroom has 5-piece bath and its own fireplace.  This one is assessed for $237,100.  Pics start here: Call me immediately to get an offer submitted on the double.

Take a minute and scope a few of my COOL FEATURED LISTINGS!!!

Like or perhaps even love the blog?  Sometimes it isn't terrible to be a FOLLOWER.   Get a kick out of the videos?  Subscribe!   As always, please drop me a line if you'd like to check any of these out or if you have any questions on HUDs or real estate in general.  Most of the HUDs are remarkable deals, and combined with the $100 incentive they are literally the best deals around.  As always, you can go to my website and search the entire state's HUD inventory.  Comments, questions and showings please send an email or call me at 970-988-5634.  Have a great week! Crip