HUD
Homes for Sale - What Do the Abbreviations on the Sales Lists Stand
For?
If
you have visited our lists of HUD homes for sale you may have noticed that there
are abbreviations or codes listed with every property. We have provided
this glossary of codes to help you understand the HUD home listings.
Financing
Options: Purchasers must arrange for a loan to purchase a HUD
home or pay cash; depending on the condition of the property, an
FHA-insured mortgage may be available.
|
IE
= Insurable with repair escrow. This property requires
repairs estimated to cost no more than $5,000; it is eligible
for an FHA-insured loan provided the purchaser's lender sets up
a repair escrow at closing. |
|
IN
= Insurable. This property is eligible for an FHA-insured
loan in its current condition. |
|
UI
= Uninsured. This property requires repairs estimated to
cost more than $5,000; it is not eligible for an FHA-insured loan,
unless a Section
203(k) loan can be arranged.
|
Property Conditions
|
F
= Flood Zone. This property is located in an area where
coverage under the National
Flood Insurance Program may be required in order to obtain
a loan. |
|
HOA
= Homeowners' Association. This property is covered by
a Homeowners' Association, therefore, HOA fees should be expected. |
|
LBP
= Lead Based Paint. This property was built before 1978,
therefore, it may contain lead
based paint. A Lead Based Paint Addendum, which is available
from our lists of HUD homes for sale,
must accompany the contract sent in on behalf of the winning bidder. |
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