How can I buy a HUD home?
Written By: admin on June 26, 2009
One Comment
I just spoke with a lender today who stated that with HUD, an FHA loan will not cover anything more than the bid price for the home. That leaves closing costs, taxes, fix-up costs, etc… that will NOT be covered by the loan. Is this 100% right and is there a sensible alternative/option (non-cash) to overcoming this cost issue? Thank you in advance for your help.
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HUD stands for Housing and Urban Development and they list homes that are available. FHA the Federal Housing Administration insures bankers that the amount higher than 80% will be paid by them should you not be able to pay for your home but banks have placed programs that are as agressive or more agressive than what the gov't is making available to individuals. I would look for a broker that is more aware of what he is doing the advice you described is off the books and has very small experience in it. You can get a 100% loan and seller contribution to have all costs covered and if he did not tell you that then get another to do your loan