Hud government homes or repo homes where the mortgage was insured by Fha and then foreclosed upon may be bought as owner-occupied homes or by investors. Now HUD does have many homes in it’s website that are not FHA insurable (meaning the repairs will cost more than $5,000 to make it pass an FHA inspection for FHA financing), but please know that due to the economy and the flood of foreclosed homes coming on the market, HUD has some fabulous properties!
I am dedicating this blog to helping yo navigate your way through all of the information & misinformation out there regarding financing, credit, down payment assistance, HUD home purchase, home buyer education classes and many other issues and topics when it comes to getting into your home for as little money as possible.
Seriously there are pictures of workout facilities, 2 story homes when I’m viewing a ranch home, giant beautiful walkways and lakes in backyards that do not exist in that area, trees with no leaves and snow on the ground-in Florida-are you kidding me!
And if you bid on a home, and win the bid, you should be pretty sure you want to buy it, otherwise you’ll lose your $1000 EM. In addition, HUD homes are pre-inspected and may require you to put a set amount of money in escrow to pay for repairs (i.e. new roof, pluming problems, etc.).
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