K.M. Minemier & Associates is a certified Woman Owned Small Business (WOSB) engaged in full service real estate asset management and marketing.

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Lender needs to know it is a HUD owned home

September 15, 2021

Few examples of why this is important:

1.  Is the loan the buyer is applying for require utilities to be turned on?  If yes, are there plumbing challenges that will prevent this loan type.  Is it possible they can switch to a FHA 203K or another loan that won't require utilities to be turned on?

2.  The buyer will be paying for both the lender and owner's title policy.

3.  HUD does not pay for occupancy permits requried by some cities for homes that have been vacant and the water turned off.

4.  Are there any current incentitives for buyer's applying for certain loan types when purchasing a HUD owned home?  

5.  Does the loan allow the buyer to escrow for lender required repairs (if appraiser requires them)?

6.  HUD does not allow repairs to be completed before closing.  

 


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