If I buy a HUD house, do I have to live in it for 3 years?
Written By: admin on October 20, 2009
One Comment
I heard something about having to live in a HUD for 3 years to buy it. Is that right? I wanted to flip one. Thanks!
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The only thing in your loan docs about living in your home once it is bought is that you sign a statment stating that this will be your primary place to live.
There is not a term of time that you have to reside in the property, that could not be because so many change careers, jobs, a family crisis, and other things that might require you to break the contract before a certain time is up.
Now flipping is a bit different if you bought the house to reside in as oppose to as an investor that might make a difference. Investor’s are only able to buy a home from HUD after a certain period of time and the type contract you signed. You should check out the contract with your real estate agent.
I hope this is of some use to you, excellent luck.
"FIGHT ON"