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HUDHomeStore Acronyms - what do they mean?

July 09, 2020

When searching on HUDHomeStore.com you encounter some confusing acronyms. So what do they mean?

Let's go over some of them together today.

 

IN, IE, UI

These three are found under the Listing Information section of a Property Details page for FHA Financing references. 

An IN reference means HUD believes the property to be ready, as-is, for a new FHA loan to be utilized for buyer financing on the home.

An IE reference means HUD believes the property to be ready, with up to $10,000 escrowed by a buyer, for a new FHA loan to be utilized for buyer financing on the home. After closing on the purchase of the property the buyer would then be required to complete the repairs that the funds are held in escrow for.  Upon completion of the repairs, the appraiser revisits the propety, verifies the repair completion and signs off on the condition factors.

An UI reference means HUD believes the property to have over $10,000 worth of repairs and therefore is not elegilbe for a typical FHA loan to be utilized to finance the home.  It is still possible that a FHA 203K loan could be utilized, however.

ECR, PCR, MPR, LBP

These four are found under that Addendums Tab of a Property Details page.

An ECR is an Environmental Compliance Record for Single Family Property Disposition.  It covers aspects of Historial Preservation, Floodplains, and Airport Runway Clear Zones.

PCR is a Property Condition Report that gives a snap shot from a particular date in time on mechanical functionality of the home. These include the HVAC, Electrical, Appliances, Plumbing, Water Heater, Sewer/Septic System and Roof.

MPR is a disclosure of the Minimum Property Requirements to establish escrow for a IE property.  It will show line itemed repairs with an estimated cost. There is an additional 10% contingency added in to all escrows for repairs to assist in fluctuations of costs.

LBP discloses any known lead based paint in the property. Typically these start out as no knowledge. If a buyer moves foward with an FHA loan then HUD will do actual testing and update this disclosure if required based on the results received.

Hope this information helps you when interacting with the HUDHomeStore.com site.

 

Christy Cj Pace

Pace Probity LLC dba HouseSold Realty

Knoxville TN 

865.357.1537

www.HouseSoldKnoxville.com

Tags: # #HUD Homes # # #

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