Contact your lender and ask him/her to walk you through the process. Also, make sure you work with a broker that is familiar with HUD homes, she/he will need an access key, but it sounds like you already determined which one you like and want.
Even the bidding process is both easy and tricky. The entire process is very different. And you must use a HUD registered broker to bid. But just because they are a HUD broker, you need to make sure they have done HUD transactions within the last 12 months.
You can go on the hudhomestore.com website and look for brokers in your area. Just make sure to ask experience questions when you speak with them.
Any questions feel free to call me or email me.
Licensed Mortgage Banker
Diamond Residential Mortgage Corporation
I believe I know what was confusing you. HUD AQUIRES homes from FHA loans that were foreclosed but absolutely does NOT require a buyer use an FHA loan to purchase a HUD home. Below I have copied and pasted a definition directly from the HUD website and below that is a link. I recommend you peruse their website and you might find some useful information. For example, if you are a police officer, firefighter, EMT, or teacher you could qualify for a *50%* discount on the list price of the home!
"What is a HUD Home?
A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim."
Best of luck in your search and please call me if I can help you further.
Stephanie Scott, Agent at Coldwell Banker
Justin Lopatin â€“ Perl Mortgage - email@example.com - 847.345.0308
Michael Black â€“ Winstrust Mortgage - firstname.lastname@example.org â€“ 773.426.6798
Matt Porter â€“ Charter One Bank - Matt.Porter@charteronebank.com â€“ 847.897.1030
Mike Caraga â€“ GMA Consultants â€“ email@example.com â€“ 708.359.6495
Nick Radakovich Home Sales Realty
Purchasing a HUD home with comventional financing is possible depending on the condition of the home. Some HUD homes require repairs and would not meet Conventional lending standards. We would be glad to answer specific questions that you may have about the condition of the home and whether it would pass Conventional guidelines.
Feel free to contact us directly at firstname.lastname@example.org
Illinois State Manager
Crosscountry Mortgage, Inc.
847-252-7900 xt. 5515
You can purchase a home using any kind of financing you wish. Now, there are some properties that require certain issues to be fixed before you buy or after the purchase. These type of homes require a special type of financing called "Rehab Loan". If this home is in need of repairs then you might be reading a requirement for an FHA 203k loan (Rehab Loan). Although FHA does a majority of these loans there are also many conventional rehab loans available.
If you still need more help please feel free to contact me. Good luck!