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Who can buy a HUD home for sale? Do you have to be a first time homebuyer? Can you get a HUD home financed or do you have to pay cash? Is buying a HUD home difficult?
Those are some the common questions about buying HUD homes. Truth is that buying HUD home is for almost everyone and HUD works very well with FHA loans. Any individual who can qualify for a FHA mortgage may buy a HUD Home.
HUD divides buyers into two groups, owner-occupants and investors. Owner-occupants have the initial advantage over investors.
Priority is given to purchasers who are owner-occupants for the first ten calendar days after a new listing is posted. Also, owner-occupants must live in the house as their primary residence for at least one year and may not purchase another HUD home for two years.
Before you bid on a property, be sure you have secured your FHA financing. If you place winning bid and you cannot obtain financing within the specified time, you may lose the earnest money deposit that you submitted with your offer. If the property you want to purchase needs repairs, you can get a FHA Loan to help with that as well.
So, contact us now and we can get you ready to start making bids on HUD homes today!
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