Home Buying in Taylor>Question Details

Tammy Barks, Home Buyer in Romulus, MI

do you need good credit to buy a hud home?

Asked by Tammy Barks, Romulus, MI Sun Dec 15, 2013

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9
Hi Tammy
If you are paying cash you can do whatever you want, but you need to have ACCEPTABLE credit to finance any home.

I grew up in Taylor and I would be glad to assist you in getting approved for a mortgage. You don't need perfect credit, or even great credit. We can take a look at your credit report and see if you qualify now or if it will take a little work. If so, I can lay out the steps for you and we can get you there with a little effort on your part.

I also have connections to some great realtors there who can help you find a home.

Give me a call or email me.

Tony

Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 945-4842 | Direct (248) 728-0078
tony.grech@pmac.com
0 votes Thank Flag Link Mon Dec 16, 2013
Yes. Unless, as noted, you're paying cash.

The last thing HUD is interested in is foreclosing on a home again.
0 votes Thank Flag Link Mon Dec 16, 2013
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Nope, just use cash and your credit will not be checked.
0 votes Thank Flag Link Mon Dec 16, 2013
As always, you want to make sure you have your credit in the best overall scenario to gain the best lending rates and fees possible.

Buying a HUD home or any home that requires a loan will have very similar standards and score minimums in order to approve you as a purchaser.

I recommend you get a copy of your credit report and work on any possible items that may hinder your score and then you should be, with time, in great shape to purchase.
0 votes Thank Flag Link Mon Dec 16, 2013
The simple answer is that you need an acceptable credit score to buy any home where you are receiving an mortgage.

Unless you are an extremely savvy buyer with a lot of experience in repairing homes, I'd strongly advise you against buy a HUD or any type of foreclosure property. They are rarely if ever deals, and you are exposing yourself to additional risk. Please read the link I've attached below.
0 votes Thank Flag Link Mon Dec 16, 2013
The only real answer to your question is YES.
0 votes Thank Flag Link Mon Dec 16, 2013
Hi Tammy,

You need the same credit you would for any other home. If you're not going to pay all cash, you need to be able to qualify for a loan to purchase the home. The only difference between a HUD home and any other home is that the HUD home is owned by HUD and not a private individual.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Mon Dec 16, 2013
Unless you're paying cash buying a HUD home is no different then buying any other home.

Good Luck,
!
Karen Paytas, Realtor
Real Living Kee Realty
Kpaytas@mirealsource.com
586-709-8465
0 votes Thank Flag Link Sun Dec 15, 2013
0 votes Thank Flag Link Sun Dec 15, 2013
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