Foreclosure in 48184>Question Details

Heldmyw, Home Buyer in 48184

Watching HUD foreclosures, and some indicate that financing is not available.

Asked by Heldmyw, 48184 Sun Feb 3, 2008

Why not? Are the properties poison?

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Heldmyw. The HUDF homes that do not have HUD financing available merely means that HUD is unwilling to finance those properties. It's a matter of choice. All properties being purchased through the HUD program should be thoroughly inspected by the buyer. Some properties are poorly constructed. Some properties do not meet changes in zoning regulations. There are various reasons why HUD chooses not to provide financing on the properties. However, there is nothing stopping the buyer of getting his/her own financing on the properties. Hope this helps.
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2 votes Thank Flag Link Sun Feb 3, 2008
Hi, Check around with local lenders for a FHA 203K program. It is a little involved and requires some involvement with a licensed contractor, but it is designed to help a buyer finance the refurbishment of a property. Connie
1 vote Thank Flag Link Sun Feb 3, 2008
Heldmyw, In the case described by Megan, the home may not meet Freddie Mac guidelines and you would have to get some type of hard money or construction loan and a higher interest rate. That's why I suggest you also consider looking for short sale properties. These generally are occupied and may require less repairs. A short sale purchase may take 3-4 months to purchase.
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1 vote Thank Flag Link Sun Feb 3, 2008
In order to finance a home through HUD, it must pass a HUD inspection, which is different from a standard home inspection. Most likely there are some issues with the home that have thrown up a red flag. For example, sometimes the former owners were in the midst of remodelling. Perhaps they tore out the entire kitchen and hadn't replaced it before losing the home. This may flag it as something HUD may not finance.

You could probably still get standard financing. And by all means, get an inspection!
1 vote Thank Flag Link Sun Feb 3, 2008
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