Posted on: 22nd Jan, 2013 01:32 am
Is it true that if you want a HUD home then an FHA loan is pretty much out of the question as he said most HUD home sellers want the closing done ASAP and will not wait 30-45 days for an FHA loan to be processed?
I don't think there is any specific rule which says that FHA loans are out of question for a HUD home. It may be the case that your lender has a guideline where they won't finance HUD homes with FHA financing.
Many HUD homes are financed using an FHA insured mortgage loan. All HUD home listings show if they are eligible for FHA financing as is, with a repair escrow or with FHA 203K rehabilitation financing.