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Uninsured hud home and fha loan?
My wife and I are very interested in putting an offer bid on a hid home in our neighborhood. We were approved for a standard fha loan. The listing stated its an uninsured hud house. It's in our price range and we looked at the house. Needs minor things like a stove in the kitchen and new carpeting. I was reading if it's under 5 grand in repairs it's ok... Would a standard fha loan be qualified for us to buy and put in a bid on a in insured his home?
3 Answers
- babyboomer1001Lv 76 years ago
If you are going to take out a loan on the house, you MUST have insurance on it. That is a "requirement" of getting a house loan. Just because it is not insured now, has nothing to do with once you purchase the house. It means there is no mortgage. If you have the money and pay for it in full, without a loan, then it is up to you whether or not you want to insure your investment.
Source(s): Certified Paralegal, with 25+ years' experience & with Real Estate law experience & Home Buying experience. - realtor.sailorLv 76 years ago
If the home is not in move in condition you will need an FHA 203K loan which coves the cost of repairs.
- dog maLv 76 years ago
No. You need to speak with your loan officer and be very clear about the condition of the house before you make any kind of offer.
