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Anyone have a HUD loan?

Posted by on Aug. 19, 2011 at 6:10 PM
  • 8 Replies

How does that work? Are their certain requirements? Last question is... say a neighbor sold their house and it was through a HUD loan does that effect any property value around you? 


** I'm curious I know nothing about this subject. The only thing I know is It's Housing for Urban Developement.. but honestly that doesn't tell me jack lol... So anyone have it? Or know about them?

by on Aug. 19, 2011 at 6:10 PM
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Replies (1-8):
mstevens10
by on Aug. 19, 2011 at 7:25 PM
bump?
bellawomen
by on Aug. 19, 2011 at 7:26 PM
Bump. Im curious
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cookiecounter
by Member on Aug. 19, 2011 at 7:31 PM
Like an fha loan? Is that what you mean?
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mstevens10
by on Aug. 19, 2011 at 10:56 PM


honestly I have no idea. my friend was asking me about a HUD loan and I didn't have a clue. I googled it but i can't make a lick of sense of that lol

Quoting cookiecounter:

Like an fha loan? Is that what you mean?


Megan

julie002
by on Aug. 19, 2011 at 11:35 PM
Go to hudhomestore.com it explains everything and helps you find hud homes
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sreichelt26
by on Aug. 20, 2011 at 2:50 AM
I left my job at a real estate office just as HUD homes were starting to get popular, so I'm not 100% sure on these answers.

There are certain requirements to buy a HUD home, but you can buy with any loan or even cash. There are no HUD loans (unless they just came out in the last 4months). U definitely want a realtor with experience in buying HUD homes if u do it tho because it's a very tedious project. No joke, they have their own specific paperwork for offers and you can only use blue ink. If it's in black it's rejected...so only original docs too. I hated those files.

And I'm pretty sure it doesn't affect your property value if one sells in your neighborhood, but don't quote me on that.

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sreichelt26
by on Aug. 20, 2011 at 2:51 AM
Oh, they are specific homes sold through the organization HUD. Kinda similar to REOs but different
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mstevens10
by on Aug. 20, 2011 at 8:31 PM

oh ok thanks! She was just concerned that it was a loan for a step up from section 8 housing... (not knocking sect 8 though)

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