if you wanna buy a HUD home you have to apply for a specific gov. loan?
or can you apply at your local national bank and get approved to buy a hud home? I understand there is some restriction when you buy then later try to sell a home right? you have to stay for a period of time and the loan is not assumable something like that?
- Anonymous1 decade agoFavorite Answer
There may be some differences in the disposition process in various parts of the country. If you are buying a HUD property you can finance through whatever means that will lend based on the individual lender's underwriting guidelines. Be aware that many conventional financing lenders may not lend on a home that is in poor condition (typically structural problems).
A HUD property will be identified as Insured or not Insured. This is an indication that an FHA insured loan can be used to purchase the property.
If you are purchasing an insured property with a repair escrow you will need to get an FHA loan.
The restrictions on selling the home are determined by the lender and local/state rules.
- 1 decade ago
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