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Updated over 9 years ago on . Most recent reply

Wells Lange's profile image
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Wells Lange
  • from Indianapolis, Indiana
  • Member since Jul 12, 2015
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Wells Lange's profile image
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Wells Lange
  • from Indianapolis, Indiana
  • Member since Jul 12, 2015
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Wells Lange
  • Indianapolis, IN
50
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125
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Foreclosures

HUD Home Status?

Wells Lange
  • Indianapolis, IN
Posted

I am looking at a HUD property online and in the listing it says:

"Home status is FHA insured with escrow $3905."

What does that mean?

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Lucas Phelps's profile image
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Lucas Phelps
  • from Salina, Kansas
  • Member since Jun 17, 2014
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Lucas Phelps
  • from Salina, Kansas
  • Member since Jun 17, 2014
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Lucas Phelps
  • Salina, KS
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Lucas Phelps
  • Salina, KS
Replied

If you are bringing 100% of the purchase price in your own cash, or finding outside (non-FHA) financing from your own bank, then that "FHA insured with escrow $3905" really doesn't mean much.

That is only if you plan to use an FHA loan which may require certain repairs to be done before they will finance.

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