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Updated almost 10 years ago on . Most recent reply

Philip Davis's profile image
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Philip Davis
  • from Chicago, Illinois
  • Member since May 10, 2015
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Philip Davis's profile image
Philip Davis's profile image
Philip Davis
  • from Chicago, Illinois
  • Member since May 10, 2015
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Philip Davis
  • Chicago, IL
1
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11
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Foreclosures

How to purchase a HUD home

Philip Davis
  • Chicago, IL
Posted

What types of loans can be used to purchase a HUD home? Could I use a Hard Money loan?

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Lisa Kohl's profile image
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Lisa Kohl
  • REI Pro
  • from Boise, Idaho
  • Member since Apr 14, 2014
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Lisa Kohl's profile image
Lisa Kohl's profile image
Lisa Kohl
  • REI Pro
  • from Boise, Idaho
  • Member since Apr 14, 2014
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Lisa Kohl
  • REI Pro
  • Boise, ID
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Lisa Kohl
  • REI Pro
  • Boise, ID
Replied

If the description on the HUD property says insured escrow it can go FHA, conventional etc. On your submitted bid, HUD does not distinguish against a cash offer or private financing- all they care about is the net. They will accept a hard money loan as well but you will have to submit a preapproval and possibly proof of funds for your down payment.

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