Re: Hud Houses - Posted by Dave t
Posted by Dave t on June 03, 1999 at 16:29:00:
I assume that these are HUD foreclosures. If so, then the realtor you will use to submit your bid will know if these houses qualify for HUD insured financing. If they do, then your realtor will also know which lenders in your area take HUD loan applications.
If the houses are not eligible for HUD financing, then any conventional bank loan or private money loan can be used to purchase these houses. Again, the realtor you use will also know which conventional lenders in the area are “investor friendly.”
Unless the rules have changed in the last 12 months, HUD insured loans for non-owner occupied properties required 25% down. Conventional bank loans that require only 10% down are available for investors.