Hud homes

[Priscilla Thompson]

hello- I just purchase a home for $10,000 cash and it needs a whole lot of work. I was wondering will I be able to get a rehab loan, and what are the qualifications?

[Greg H.]

Quote from @Sam M.:

I know this thread is OLD but had followup questions. Looking to bid on a HUD home close to where we want to live. The home is in bad bad shape. Estimate to renovate and fix is over $100k. So here are my options:

1. Renovate - probably 6-9 months and then move in.

2. Teardown - probably 1-1.5 years and then move in.

In either case, the place will be vacant until repairs or reconstruction is done. Will this still be considered an owner occupied house in either situation? My name will be on the deed etc.

The reality is there are not HUD police looking to see if the property is owner occupied. The system just will not let you purchase another HUD as an owner occupant for 24 months. As one who has bought HUD homes for my then 30 years I would not hesitate to buy it