What are my options for buying a HUD home?
Answer There is often some confusion on buying HUD homes and getting an FHA mortgage. HUD homes are the properties that have been foreclosed upon by the FHA and are now for sale. To make a bid on one of these houses you do need to have your financing in place ahead of time or have a good idea if you can get a mortgage as they sometimes will offer financing to an owner occupant. You need to contact a reputable mortgage officer and have them prequalify you. This will tell you if you would normally be considered for financing. You may also want to see if there is any special finance programs available in your area for a situation like yours. Start the process by contacting a lender and finding just where you stand. Best of luck on this and feel free to continue to ask questions as things proceed.
