You are here:
- Home
- Real Estate
- Home Buying/Selling
- HUD Properties
HUD Properties/Questions Answered by Expert Jim Root
| Subject | Date Asked |
| FHA 203k loan occupany requirements | 8/5/2010 |
| Q: I had been told you had to reside in a home for at least 12 months before renting or selling if you ... A: FHA -Insured Loans to be collateraized by Single Family I Unit Homes, Duplexes, Triplexes or ... | |
| Owner Occupancy Guidelines | 8/3/2010 |
| Q: We are looking at a HUD home for our son, it had been on the market for nearly a year, went pending, ... A: Nice of you to try to help yuor Son purchase his own home.By mow the Owner-Occupancy priority should ... | |
| HUD unique properties | 7/31/2010 |
| Q: I am trying to get a reverse mortage for a property with a single family home and a detached shop. ... A: Hey CHET-- I like the way you're always thinking.As they say, there's more than one way to "skin a ... | |
| jobs | 7/29/2010 |
| Q: i am trying to get started cleaning and serciving hud homes and forclosed homes in Indiana and parts ... A: There are several good Websites to go to for advice & guidance on settng up a foreclosed property ... | |
| home owners insurance on a HUD as is | 7/28/2010 |
| Q: My bid was accepted by Bidselect on a HUD foreclosur as is property. I am having a hard time ... A: Hey PHIL-- You need to "go shoppimg" for an Insurance Agent who can put togther a Policy for ... | |
| Owner-Occupant - but employed out of town. | 7/26/2010 |
| Q: Can I buy a HUD property as "owner-occupant", even if my employment is far away? I work at a ... A: As you currently do not own "Primary Residence," but are provided a Room Only" by your Empoyer at ... | |
| HUD unique properties | 7/21/2010 |
| Q: I am trying to get a reverse mortage for a property with a single family home and a detached shop. ... A: CHET-- No, HUD wouldn't consider the Home & Shop as "one unit," but as "two units" of a ... | |
| HUD unique properties | 7/20/2010 |
| Q: I am trying to get a reverse mortage for a property with a single family home and a detached shop. ... A: Hey CHET-- HUD's FHA programs, when they speak of "total floor area" as it applies to commercial ... | |
| Buying a HUD 2nd home | 7/19/2010 |
| Q: the loan officers said i need to get an apprasial of my 1st home of 400.00 and have a 75% LTV to buy ... A: You're "feeding me little bits of information" regarding your transaction and expecting specific ... | |
| Buying a HUD 2nd home | 7/18/2010 |
| Q: the loan officers said i need to get an apprasial of my 1st home of 400.00 and have a 75% LTV to buy ... A: First, you get an Appraissl of your first home and hope it's at least $400,000 and that your ... | |
| Escro holdback from FHA Loan | 7/13/2010 |
| Q: Jim, We just did a cash out on an FHA refinance. The repairs were done the contractor will be paid ... A: Cheryl-- Whenever there's an ESCROW HOLDBACK, the Borrower and Lender sign an ESCROW AGREEMENT ... | |
| reverse mortage | 7/1/2010 |
| Q: I would like to clear up a detail that I have received different answers to. Does a person have to ... A: Hey CHET-- My research on this matter has invoved reviewing HUD/FHA's written material on the ... | |
| HUD's 12 month "Primary Residence" Policy | 6/11/2010 |
| Q: HUD states that on Owner occupant buyer must: "purchase the property as and owner occupant and ... A: Actually HUD's OWNER/OCCUPANCY requirement states that the Purchaser of a Home who's using ... | |
| Lighting for REO's | 6/11/2010 |
| Q: We make battery-powered LED lighting with motion sensors (www.mrbeams.com). These lights can ... A: Contact the Director of Single Family Housing @ Headquarters U.S. Department of Housing & Urban ... | |
| HUD | 6/10/2010 |
| Q: I have a property that is virtually unsellable. I want to fix up the 'shell' of the house and rent ... A: ANDREA-- HUD's "Fixer-Upper" Loan is for OWNER/OCCUPANT PURCHASE only!It's NOT available to those ... | |
| town sewerage system for HUD home | 6/10/2010 |
| Q: A family member just bought a HUD home with town sewer system.(It was a foreclosure). 2 weeks after ... A: MARILYN-- First make contact with the "Chief" of the M & M Contractors who are handling the REO ... | |
| town sewerage system for HUD home | 6/9/2010 |
| Q: A family member just bought a HUD home with town sewer system.(It was a foreclosure). 2 weeks after ... A: Ms SMOLLETT-- First contact the HUD M & M Contractor that represents HUD and the HUD REOs in your ... | |
| reverse mortage | 6/8/2010 |
| Q: I would like to obtain a reverse mortage but I own a property that is zoned commercial. There is a ... A: Have you actually APPLIED for a HECM Loan and been denied because of this issue? Please make an ... | |
| reverse mortage | 6/5/2010 |
| Q: I would like to obtain a reverse mortage but I own a property that is zoned commercial. There is a ... A: Hey CHAD-- If I were the FHA Underwriter on your HECM Loan, I'd consider the property acceptable ... | |
| septic tank HUD regulations | 5/30/2010 |
| Q: Jim, I am in contract to purchase a home with a failing septic, it is under a room addition and no ... A: LARRY-- Most Rural and/or Semi-Rural areas where there's no puibic Water &/or Sewage System and ... | |
| septic tank HUD regulations | 5/28/2010 |
| Q: Jim, I am in contract to purchase a home with a failing septic, it is under a room addition and no ... A: Hey LARRY-- Yours is a complicated issue and rather than trying to answer it myslef, I'm going to ... | |
| legal non-conforming properties | 5/19/2010 |
| Q: Does FHA require a letter stating a legal non-conforming coach house can or cannot be rebuilt per ... A: Of course FHA will insure a loan on a Legal/Non-Conforming property as long as the Zoning Codes ... | |
| non-occupant co-borrower on HUD REO | 5/17/2010 |
| Q: I'm a real estate broker that has been searching the web and fha docs for days because the buyer i ... A: I, too, have searched the web for an answer to your question.I'm not privy to the FHA Automated ... | |
| renting a HUD purchased home | 5/15/2010 |
| Q: If you have paid cash for a HUD home, does it have to be owner occupied or can it be rented out? A: Unless the HUD HOME has been listed as available to INVESTORS, one must be an Owner/Occupant to ... | |
| FHA SFR Zoned Commercial | 5/5/2010 |
| Q: I have been looking for FHA minimum requirements for a rebuild letter when a SFR is in a Commercial ... A: "Rebuild Letter? In my 30+ years in the various Real Estate-related positions I've never heard that ... | |
| fha standards for septic system | 5/5/2010 |
| Q: I'm trying to get an FHA loan on a property that has an existing well and septic that are not up to ... A: Hey Again, LUKE-- Actually your system DOES meet "FHA Standards!" FHA's policy is to accept any ... | |
| fha standards for septic system | 5/4/2010 |
| Q: I'm trying to get an FHA loan on a property that has an existing well and septic that are not up to ... A: Hey LUKE-- I hate to tell you his but, although WAIVERS by FHA are SOMETIMES granted, I DOUBT if ... | |
| owner occupancy | 4/28/2010 |
| Q: I am active duty military and currently deployed. I have purchased a duplex within the state of my ... A: Hey JON-- By strict interpretation of HUD/FHA's Owner/Occupancy requirements, the answer to your ... | |
| fha 203k loan occupancy requirements | 4/28/2010 |
| Q: My wife and I want to buy a 2 family fixer upper with a 203K FHA loan in NYC, and have about 10% to ... A: XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXFollow-UpXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX ... | |
| cleaning jobs | 4/21/2010 |
| Q: How can get a cleaning job through your services? A: Sorry,DORIS-- but MY services don't include getting cleaning jobs for folks--BUT if you go to: ... | |
| hud home - repair escrow | 4/1/2010 |
| Q: is the repair escrow on a hud home optional? - we are buying a hud home which we know needs some ... A: If HUD has listed the Home as "Insured with Repair Escrow," you MUST establish the Repair Escrow in ... | |
| HUD Owner-Occupancy | 3/24/2010 |
| Q: Our adult son had been looking at HUD homes to purchase. He was laid-off from his job. We, the ... A: Cathy--If you're acually going to pay CASH out-of-pocket, and youve got a Real Estate Broker who ... | |
| can you help? | 3/20/2010 |
| Q: im looking at hud homes and i would like to know if the house needs repairs like a a/c replaced do i ... A: Hey JAMES-- To answer your question, I've got to give you a "short curse" on HUD Homes.HUD offers ... | |
| Section 8 housing?? | 3/17/2010 |
| Q: I was wondering if you could tell me about section 8 housing. I was mostly just wondering if you got ... A: Secton 8 Housing is a HUD program that assists qualifying low-income families into "affordable ... | |
| Hud repairs. | 3/15/2010 |
| Q: My wife and I are looking into buying a HUD property that has an escrow account with the following ... A: The replacement of the Water Heater Pressure Valve & the missing Pop-out Plugs in the Electrical ... | |
| hud auctions | 3/14/2010 |
| Q: First time @ this how can i make a right bid on a house to have my offer accepted. I don't want to ... A: As you may have read in my "Bio," I worked for HUD for about 15 years. For 3 of those years I served ... | |
| jobs and duties and a hud owner/manger | 2/22/2010 |
| Q: I'm in the process of purchasing an apartment complex and renting it to HUD there are a lot of ... A: Before becoming an Apartment owner, I urge you to obtain a copy of the LANDLORD-TENANT LAWS and find ... | |
| buying tax lien homes | 2/9/2010 |
| Q: I have seen programs that say you can buy a home for a few thousand.is that true or is it a rip ... A: S.T.-- If the progams you've seen on TV made Mllionaires of those people "buying into them",we'd ... | |
| Broad Listing Broker Signs | 2/3/2010 |
| Q: In the past real estate brokers were prohibited from placing their company signs on HUD properties. ... A: Yeah, in the past only the "HUD HOME 4-SALE" Sign and an "FBI WARNING SIGN" could be displayed on a ... | |
| hud purchase owner occupancy | 2/2/2010 |
| Q: I am in the process of purchasing a HUD home. I am in the process of a divorce and intend to ... A: It is NOT necessary for BOTH Borrower (You) and Co-Borrower (Ex-Wife) to OCCUPY the HUD Home to ... | |
| hud purchase owner occupancy | 2/1/2010 |
| Q: I am in the process of purchasing a HUD home. I am in the process of a divorce and intend to ... A: I would suggest that you and the soon-to-be EX purchase the HUD Home TOGETHER without complicating ... | |
| Hud Home Improvement Funds | 1/31/2010 |
| Q: I purchased a HUD home, cash sale at the end of 2008. From my understanding, I wasn't eligible for ... A: Hey RANDIE-- If you paid "Cash Money" for the HUD "Fixer-Upper," in 2008,you COULD have used the ... | |
| work | 1/21/2010 |
| Q: how can i get cleaning work for hud properties A: First go to the following website: www.listbankrepos.com Thi will gikve you alot of good info on ... | |
| REO clean-up company start-up | 1/17/2010 |
| Q: I read your answer to the individual who inquired how to begin an REO clean-up company. The ... A: You won't be starting a new business, just expanding your current one. The Forecosures need yard ... | |
| Buying a Hud Home with Cash | 1/5/2010 |
| Q: My husband and I are trying to buy our first home under HUD. We found a broker, who submitted our ... A: The HUD HOMES sales process IS much like an Auction. The Homes are put into an Open Bid Period ... | |
| NSP & Deed Restrictions | 12/31/2009 |
| Q: I am representing a buyer purchasing a Habitat for Humanity home that is part of the neighborhood ... A: You say you're "representing a buyer purchasing a Habitatfor Humanity home," but not whether you're ... | |
| pricing | 11/30/2009 |
| Q: we are located in Pa how do we know how to price for a home A: Robert-- Your ability to buy a home is based on your monthly income & monthly payments, assets & ... | |
| HUD Purchase with private financing | 11/23/2009 |
| Q: I searched through all your Q&A's and didn't find anything like this one. My son lives in WI and I ... A: Drew-- HUD Homes CAN'T be purchased by INVESTORS untill the have been advertised through a ... | |
| HUD Purchase with private financing | 11/22/2009 |
| Q: I searched through all your Q&A's and didn't find anything like this one. My son lives in WI and I ... A: Hey DREW-- WOW! This is likly the most difficult-to-answer question I've been asked on the ... | |
| buying a HUD home | 11/20/2009 |
| Q: We are in the process of buying a HUD home. We are already qualitied and pre approved to purchase. ... A: The "process of buying a HUD Home," requires that the Buyer use the services of a Licensed Real ... | |
| Getting out of the house we have and getting into another home | 11/12/2009 |
| Q: I don't know who can answer this question. Me and my husband have a house now that has a $47,000 ... A: You speak of your current Home as "a LEASE to own property," and talk of a "$1200 a MONTH" ... | |
| foreclosure cleanup | 11/5/2009 |
| Q: I am interested in starting a foreclosure cleanup business in the state of Florida but i an not sure ... A: Additional Info on FORECLOSURE CLEANUP: Go to www.listbankrepos.com This website will be of great ... | |
| assistant living | 11/5/2009 |
| Q: Do you have any assistant living facilities available. . A: No,I'm afraid I don't have any assistant living facilities available, but perhaps I can help you ... | |
| cleaning and removing stuff from property | 10/29/2009 |
| Q: I dont really know this person , but i heard that someone , maybe his realator ,sends him a list of ... A: I'm afraid most of your message doesn't make sense to me, but Check with the San Antonio Association ... | |
| Need Help with invoice for foreclosed home cleaning | 10/28/2009 |
| Q: I don't even know if this is where I should be asking this, but let me explain my situation. I ... A: An INVOICE is nothing more than a BILL FOR SERVICES RENDERED! Your local Staples, Office Depot or ... | |
| Renting my FHA HUD home out | 10/16/2009 |
| Q: I thank you for your answer and I wanted to ask you about what the bank that is holding the loan ... A: DUSTY-- If "the bank that's holding the loan" is the same bank" that made you the current loan, ... | |
| one year limit | 10/15/2009 |
| Q: I want to know it is true that after one year of having our FHA Hud loan if we can allow someone to ... A: Hey, DUSTY-- If you bought your Home using FHA-Insured Financing (which is for "Owner/Occupans" ... | |
| HUD Policy | 10/11/2009 |
| Q: I read this on the HUD website "Be honest about your intention to occupy the house. Stating that you ... A: Hey COREY-- HUD policy regarding OWNER OCCUPANCY and/or PRIMARY RESIDENCE is that the Borrower ... | |
| FHA Resale Restrictions | 10/8/2009 |
| Q: I am in the process of purchasing a home financed by an FHA loan. Somewhere along this process I was ... A: Yes, FHA Home Loans are for OWNER/OCCUPANTS ONLY.On purchasing a Home with FHA financing involved ... | |
| renting my HUD town home | 10/6/2009 |
| Q: I have lived in my HUD townhome for 16 years I want to rent it What steps do I need to take? A: The term "HUD Townhome" can be used to describe MORE THAN ONE KIND of property.Here are the TWO MOST ... | |
| FHA Repair Escrow? | 7/22/2009 |
| Q: closed on My House last Week...203b escrow hold back.Attorney is Holding the Money for Repairs.BUT ... A: You've closed and ownership of the home has been transferred to you--and recorded, I assume. The ... | |
| Type of septic system not allowed by FHA? | 7/20/2009 |
| Q: I am pursuing a USDA-RD Guaranteed Loan which follows FHA regulations regarding property ... A: ERIC-- According to the "DICTIONARY OF REAL ESTATE APPRAISAL-3rd EDITION: SEPTIC TANK is defined ... | |
| Type of septic system not allowed by FHA? | 7/17/2009 |
| Q: I am pursuing a USDA-RD Guaranteed Loan which follows FHA regulations regarding property ... A: ERIC-- FHA has NO regulations that prohibit their providing Mortgage Insurance on the purchase or ... | |
| Escrow Account.... | 7/15/2009 |
| Q: Jim, We are in the process of purchasing our 1st home so we are quite confused with the details. ... A: Welcome to the Club;I just read your Inquiry several times and I'm "quite confused with the ... | |
| reverse mortgage | 7/13/2009 |
| Q: We want to buy one condominium unit that is zoned commercial for live/work in and open a small art ... A: Recent HUD Directives have been put out that eliminates the "Spot Approval" process and replaces it ... | |
| dilapidated HUD property | 7/8/2009 |
| Q: We have a HUD house in our neighborhood that is dilapidated. We know that HUD requires the property ... A: I'm pleased that my suggestion about the Homeowners Insurance provider's interest in the ... | |
| HUD 203k - Rental | 7/1/2009 |
| Q: I recently purchased a single family home using the 203k loan and am currently fixing it up. I ... A: As the 203K Loan is not available to INVESTORS, I must assume you purchase it as an ... | |
| REO property | 6/26/2009 |
| Q: when a property has a sump pump, what are the appropriate steps to take A: Considering that a Sump Pump is a "Red Flag,"indicating probable past flooding and the possibility ... | |
| REO property | 6/26/2009 |
| Q: What must each unit have to be considered a multi- unit property A: HUD defines a Multi-Unit property as one with two,three or four separate "Singlr Family LIVING UNITS ... | |
| REO property | 6/26/2009 |
| Q: What would you expect the required time frame to be for securing an REO property A: CHRIS-- MY ORIGINAL ANSWER WAS UNNECESSARILY IMPOLITE,CONDESCENDING & RUDE! PLEASE ACCEPT MY ... | |
| Repair Escrow | 6/25/2009 |
| Q: We did the repairs on a HUD home we purchased that had a repair escrow of $2,695 and are ready for ... A: Mortgage Lenders follow the GOLDEN RULE--that is "He who HAS the GOLD sets the RULES!" With the ... | |
| dilapidated HUD property | 6/22/2009 |
| Q: We have a HUD house in our neighborhood that is dilapidated. We know that HUD requires the property ... A: This Question ws not sent to the "Expert" who answers below. Records show that it was sent to the ... | |
| owner/occupancy of a fixer upper | 6/16/2009 |
| Q: I work for a school district and a dilapidated three family HUD property is adjacent to one of our ... A: ANNE-- Yes, I CAN answer these 2 questions, but I could probably give you better, more specific ... | |
| What work may have to be done first? | 6/16/2009 |
| Q: My husband and I are interested in a hud home. We go to get pre-approved for an FHA loan next week. ... A: What's your Realtor(r) doing to earn his/her Commissions?If your Realtor didn't voluntarily explain ... | |
| owner/occupancy of a fixer upper | 6/15/2009 |
| Q: I work for a school district and a dilapidated three family HUD property is adjacent to one of our ... A: (1)The length of time HUD dictates for fixing up a property they sold to an Owner/Occupant (O/O) ... | |
| HUD Home Next Door - Need Owner's Name | 6/8/2009 |
| Q: I have two questions: 1) The house next to me is a HUD home. I am having a difficult time getting ... A: Hey RON-- What do you mean by "HUD HOME?" Is this a Home that was Foreclosed on by an FHA Lender & ... | |
| BIDDING ON HUD OWNED PROPERTY | 5/30/2009 |
| Q: I WILL BE VIEWING A HUD PROPERTY. THE AGENT HAS INFORMED ME THAT THE ASKING PRICE IS 119,000. DO I ... A: HUD-owned properties are listed @ what HUD/FHA determines the current FAIR MARKET VALUE of the ... | |
| HUD Vendor | 5/14/2009 |
| Q: Mr Wright, I have a client that is in the cleanup/hauling business. He wants to know how the ... A: Well, I'm NOT Mr. Wright, but SOMEBODY needs to reply! I found your inquiry in our QUESTION POOL, ... | |
| loan | 5/6/2009 |
| Q: Please can you help me? i am an ssi am I eligible for any loans to buy a home? A: You ARE eligible for a Home Loan, BUT if SSI is your ONLY source of income and/or you have many ... | |
| HUD-1 Settlement Statement | 5/5/2009 |
| Q: I was wondering if a "commercial property" when being sold, does it require a HUD-1 Settlement ... A: ABE-- My Mortgage work has been Primarily Residential Real Estate--but I brokered out a few ... | |
| HUD-1 Settlement Statement | 5/5/2009 |
| Q: I was wondering if a "commercial property" when being sold, does it require a HUD-1 Settlement ... A: ABE-- The HUD-1 Settlement Statement is REQUIRED when a Real Estate entity's transfer of ownership ... | |
| REO Clean up | 4/24/2009 |
| Q: We can start asap what name should look using that would catch these brokers and banks eye A: PHIL-- My "expertise" is in Real Estate "things," NOT Advertising, Public Relations or Marketing. ... | |
| Do I qualify for section 8 | 4/19/2009 |
| Q: I wanted to know if my husband and I qualify for section 8. We live in Albuquerque NM we currently ... A: None of us "Out-of-Town EXPERTS can qualify you for "a Section 8 House that you can buy!" Section 8 ... | |
| FHA HUD 203k loans | 4/17/2009 |
| Q: I am interested in purchasing a (2)multifamily home, that is in bad shape. I was wondering if i can ... A: Good question, BRENNAN! FHA 203 Series loans are for OWNER OCCUPANTS (O/O) ONLY! The "K-Loan ... | |
| FHA loan | 4/17/2009 |
| Q: We have been told by someone that we could not get an FHA loan to purchase a house, because we had ... A: Lynda-- HUD's guidelines ALLOW the APPROVAL of an FHA-insured Loan for a Borrower who has TWO YEARS ... | |
| FHA HUD 203k loans | 4/17/2009 |
| Q: I am interested in purchasing a (2)multifamily home, that is in bad shape. I was wondering if i can ... A: Hey BRENNAN-- HUD/FHA uses the term "Multi-Family" for properties with five or more living ... | |
| FHA House Key Bond Program | 4/14/2009 |
| Q: Jim, My wife and I have been in a washington state house key FHA loan for 13 months. We just ... A: Mark-- This is a difficult question to answer because you have to comply with both the US Federal & ... | |
| Date of Occupancy | 4/3/2009 |
| Q: We are considering a possible conventional refinance. The loan papers have these two occupancy ... A: The question you're asking involves the interpretation of verbiage in a CONTRACT--and as I'm NOT an ... | |
| Advertise HUD listings | 3/31/2009 |
| Q: I am a real estate broker and I was recently told that I can advertise local HUD listings on my ... A: Your Principal or Designated Broker's registration is all that's needed for you to advertise as long ... | |
| Advertise HUD listings | 3/30/2009 |
| Q: I am a real estate broker and I was recently told that I can advertise local HUD listings on my ... A: Hey LYNN-- I'm assuming that you're already registered with HUD, received an ID Number that ... | |
| eligibility | 3/27/2009 |
| Q: I am a teacher for the Department of Defense Dependents Schools, overseas. We would like to ... A: Hey Garrett-- As a Teacher, I'm sure you realize that answers come from "the book!" Here's the ... | |
| HUD Owner Occupant | 3/25/2009 |
| Q: I already read the past questions. Does it matter if a HUD house is paid in full with cash in terms ... A: SAGE-- HUD-owned properties are offered for purchase by OWNER-OCCUPANTS for a period of time BEFORE ... | |
| Starting Business | 3/20/2009 |
| Q: I also need info to start a business in painting, mowing lawns and clearing out foreclosures. Do we ... A: Banks, Mortgage Companies,Realtors & others in "the Industry" call Foreclosed Properties ... | |
| Refinancing an FHA and renting it | 3/19/2009 |
| Q: If have met the 1 year requirement to owner occupy my FHA property, then I refi into another FHA ... A: Yeah, JOHN-- If you use an FHA loan to "Refi," the same Owner-Occupancy condition exists, starting ... | |
| foreclosure clean up business | 3/18/2009 |
| Q: I live in metro detroit and I'm interested in starting a foreclosure cleanup business. How do you ... A: Hey JOHN-- Probably the best way to start is to connect with the local REALTORS who are marketing & ... | |
| HUD And REO's | 3/12/2009 |
| Q: Do REO"S qualify as HUD properties since the were taken back by the lender? If not, could you show ... A: Carlos-- HUD homes that are "For Sale" are properties that have been financed with FHA-Insured ... | |
| Owner occupied rental property | 3/9/2009 |
| Q: We signed a rental contract 9/4/2008 for a one year lease. I'm trying to buy a home and need to get ... A: If the property is security for an FHA or VA "Owner Occupant Only" mortgage and/or the note & deed ... | |
| section 8 landlord | 3/8/2009 |
| Q: Does hud offer repair/improvement loans to section 8 landlords? A: BRET-- Neither HUD nor FHA offer loans to anyone! HUD oversees Housing & Urban Development ... | |
| SSI question | 3/7/2009 |
| Q: My mom is on SSI, she gets $875/mo, that's her only income. She wants to know if she can qualify for ... A: Mom's SSI of $875 per month, and her only source of income is not likely enough to qualify for any ... | |
| closing costs | 3/6/2009 |
| Q: On the Hud application where can I find out what my closing costs will be at my time of closing. I ... A: NATASHA-- If the "Bank" is LOCAL,you should go into Customer Service & DEMAND that someone from ... | |
| I was wondering | 3/5/2009 |
| Q: I am trying to start a small business cleaning up foreclosed homes. removing belongings from the old ... A: Johnnie-- HUD Homes for sale are properties that had been secured by FHA-insured loans, gone into ... | |
| FHA Financing for 2 family owner occupied | 2/6/2009 |
| Q: I am looking to buy a 2 family home and use it as my primary residence. I am also planning to use my ... A: TED-- The FHA 203B Loan Program covers not only Single Family Homes, but also allows for loans on ... | |
| Owner-Occupancy | 2/5/2009 |
| Q: When obtaining an FHA Loan, if the owner is working outside of the country would that property be ... A: If the property is one's PRIMARY RESIDENCE in the US and where he/she works out of country is only a ... | |
| Hud housing loans | 11/30/2008 |
| Q: I am tinking about purchasing 10 mobile homes to rent to HUD low income families. What would be the ... A: Your"What would be the best loan to get for.."purchasing 10 mobile homes to rent to HUD low income ... | |
| Foreclosure cleanup estimates | 11/26/2008 |
| Q: I live in the Birmingham, Al area. Do you know how I should quote the cleanup prices? A: Terry-- Contact several of the Companies that do Clean-Ups of Foreclosed Properties and ask about ... | |
| 203K loan??? | 11/22/2008 |
| Q: My husband and I found a house that is for sale by owner for the very reasonable price of $36,000. ... A: Sometimes Mortgage Lenders,Government Agencies that Insure Mortgages, Private Mortgage Insurance ... | |
| insured with escrow repair | 11/19/2008 |
| Q: My daughter closed on her HUD home October 30, 2008. She has a escrow with repair on her home. The ... A: At the Closing on October 30th,the Lender SHOULD have given your Daughter a REPAIR ESCROW ... | |
| info on FHA loans and my intentions | 11/15/2008 |
| Q: I've been currently approved for a refinanced fha loan of 6.5% compared to my current 11%. My ... A: Hey RON-- Yeah, get rid of that 11% rate ASAP! Refinancing at 6 1/2% with an FHA-insured loan ... | |
| HUD Closing | 11/3/2008 |
| Q: To make a long story short I have been trying to close on a HUD property & can't get a closing date ... A: Sometimes buying a HUD-owned Home is s-o-o- frustrating! It's like the old saying, "Too many cooks ... | |
| Buying HUD Owner occupancy clause | 10/25/2008 |
| Q: I have recently put a bid on a HUD home and am planning on living there for at least a year, so it ... A: Hey JEREMY-- If is is your INTENTION to occupy the property for at least a year, and "something was ... | |
| reo clean ups | 10/20/2008 |
| Q: how do i get started and who do i talk with i have been trying for the ... A: No national companies that I know of, Quinten!Most of the REO property holders and or property ... | |
| reo clean ups | 10/17/2008 |
| Q: how do i get started and who do i talk with i have been trying for the ... A: Hey QUINTEN-- REOs--although owned by Banks, Mortgage Companies, Credit Unions, or HUD/FHA or ... | |
| Cleaning Business | 10/16/2008 |
| Q: I would like to start a business cleaning up, painting and repairng REO properties in Illinois. How ... A: Probably the best way for you to start is to connect with the Realtors who are marketing and selling ... | |
| wiping off the muck | 10/14/2008 |
| Q: I am looking to purchase my first home. I am single and only rake in around $25k/yr. I found a home ... A: Hey CHRIS-- The purchase of a HUD-owned Home is ALWAYS complicated, confusing and sometimes more ... | |
| HUD\80-20 Rules | 10/4/2008 |
| Q: Perhaps I am seeking answers from the wrong area but I must start somewhere. I am an officer of a ... A: "The 80/20 Rule" you ask about has to do with the general rules for an "Over 55 Communities"' ... | |
| Renting out a owner-occupied 2 family house | 10/4/2008 |
| Q: I saw some similar answers that you provided. I have a mortgage on an owner-occupied, 2 family ... A: Hey SEAN-- The fact that you've lived in the Home since 2004 certainly shows your ORIGINAL intent ... | |
| Turning an FHA home into apartments | 9/16/2008 |
| Q: We just refinanced through FHA in June. Then, I lost my $70,000 year job. I had been doing many ... A: FHA-Insured Loans are limited to Owner/Occupants AND include Single Family Homes only.FHA includes ... | |
| renting my house that has an FHA mortgage | 9/16/2008 |
| Q: I read your response to a similar question, but I just wanted to get an answer to my specific case. ... A: Hey ELLIOT-- The response I gave to a similar question certainly does apply to your specific case ... | |
| Turning an FHA home into apartments | 9/15/2008 |
| Q: We just refinanced through FHA in June. Then, I lost my $70,000 year job. I had been doing many ... A: Sorry about the loss of your job! Your plans to renovate your Single Family home MAY include turning ... | |
| PAYING BACK TAXES | 8/27/2008 |
| Q: MY HUSBAND AND I ARE FIRST TIME HOME BUYER AND WE WILL FIND OUT TODAY IF I WON THE BID ON A HUD ... A: The Realtor and two Govvies told you the truth; HUD is responsible for all taxes up to the date of ... | |
| Can I rent my FHA trailer home | 8/27/2008 |
| Q: I am moving to another state and I would like to rent my FHA trailer. I have lived there for 8 ... A: Hey Shelley-- Welcome back! With RENT-O-OWN of Real Estate there are several ways to put a ... | |
| Can I rent my FHA trailer home | 8/26/2008 |
| Q: I am moving to another state and I would like to rent my FHA trailer. I have lived there for 8 ... A: Shelley-- FHA loans are granted ONLY to "Owner/Occupant" Buyers--that is to people who intend to ... | |
| Renting My FHA HOME | 8/21/2008 |
| Q: I have a FHA Mortgage home financed in Aug 2004 in state of Ohio. I am looking to buy another home ... A: FHA-Insured Mortgages are granted to "Owner/Occupants Only," but the "Key Word" here is GRANTED! to ... | |
| FHA want it fixed but HUD says NO!! | 8/19/2008 |
| Q: I have just recently purchased (GOT THE FINAL CONTRACT) a Manufactured Home through HUD and am going ... A: DEREK-- Apparently you and your Realtor are not communicating well! Either he/she is a poor ... | |
| Overbid with repair escrow | 8/15/2008 |
| Q: Ok Jim, I've got a good one. I bid 148,000 on a property that was 141,000 on the FHA as-is ... A: MICHELLE! Sorry for the delay in my response--had a medical emergency to handle. All's OK now, so ... | |
| Gas leak... can't get loan cuz' utilities need to be ON. | 8/14/2008 |
| Q: I'm in the process of trying to buy a HUD home. There's a gas leak. I need to have all the ... A: DON-- If your Agent has truly done all she can do, it looks like it's time for YOU, the ... | |
| Gas leak... can't get loan cuz' utilities need to be ON. | 8/8/2008 |
| Q: I'm in the process of trying to buy a HUD home. There's a gas leak. I need to have all the ... A: DON-- Although HUD HOMES are sold "As Is," HUD will see to it that remedial action is taken when the ... | |
| Hud | 8/2/2008 |
| Q: If i won a bid on a hud home as owner occupied but paid in cash do i still have to go buy the ... A: JOE WALL-- Owner/Occupancy status is required of a Borrower of an FHA-insured loan for the purchase ... | |
| RENTING OUT FHA PROPERTY | 8/2/2008 |
| Q: IS THERE ANY LAW OR REGULATIONS STATING YOU CAN NOT RENT OUT A FHA LOAN HOUSE OTHER THAN THE ... A: BARRY-- FHA Mortgage Insurance is ONLY available on Mortgage Loans made by HUD-Approved Lenders and ... | |
| HUD Purchased Townhome and HOA Amendments | 7/31/2008 |
| Q: I purchased a townhome in SC for my retiring mother a few months ago. I purchased it via HUD and won ... A: Yours is just another HORROR STORY from the thousands of HUD Homes purchases made across the Nation ... | |
| 1st time home buyer | 7/29/2008 |
| Q: So Ive been preapproved for an FHA 203K, and Ameridream (not sure what that is) But ive made plenty ... A: WESTON-- If the home's really in great condition and you can buy it for s-o-o-o much less than ... | |
| 1st time home buyer | 7/28/2008 |
| Q: So Ive been preapproved for an FHA 203K, and Ameridream (not sure what that is) But ive made plenty ... A: WESTON-- I'm ASSUMING that the HUD HOME you're interested in is in VERY BAD condition--this ... | |
| cleaning foreclosed homes | 7/27/2008 |
| Q: I JUST RETIRED FROM THE ARMY AND WANT TO GET INTO CLEANING FORECLOSED HOMES.I HEAR THERE IS GOOD ... A: RICKEY-- Thanks for your service to our Nation! And Best of luck" with your next career! As for ... | |
| Purchase a home | 7/23/2008 |
| Q: I'm currently looking to buy a home in Stephens county ga. I've seen on TV the tax lien sales and ... A: CHRIS-- Procedures differ from County to County, State to State--I'm not familiar with the Stephens ... | |
| Title Holder and FHA Owner Occupancy? | 7/21/2008 |
| Q: My in-laws are buying a home with a 203(b) FHA loan. My husband and I will NOT be on the loan, but ... A: FHA-Insured Loans for the purchase of Single Family Residences (One-to-Four Unit Dwellings)are ... | |
| hud homes | 7/12/2008 |
| Q: Can you do FHA financing again on a home that was foreclosed on that had a FHA Loan? A: LARRY-- You sure can! FHA Financing is is possible for the purchase or refi of any Single Family, ... | |
| Hud repair of homes | 7/8/2008 |
| Q: I am a general contractor in NC and am interested in finding out how I might bid on the repair ... A: STEVE-- Homes acquired by HUD as a result of foreclosures on delinquent FHA-insured loans are ... | |
| HUD CLOSING COST | 7/8/2008 |
| Q: My realtor said that she put in a bid for a HUD home, for 151K and that she would ask for them to ... A: SHERRA-- Bids on HUD Homes are placed on pre-printed HUD Bid Forms and MUST be completed per HUD's ... | |
| Insured with Escrow | 6/16/2008 |
| Q: When buying a HUD home that is insured with escrow where exactly is that money coming from? Does any ... A: Lacey-- When a HUD Home is listed as "INSURED-Repair Escrow" it means that one can purchase the ... | |
| cleaning foreclosed homes | 6/10/2008 |
| Q: I am trying to find some imformation in charlotte north carolina about cleanig foreclosed homes A: THOMAS-- HUD-owned properties are acquired by that Federal Agency as a result of the FHA Mortgage ... | |
| Commercial zoning and FHA | 5/22/2008 |
| Q: Jim, Does FHA insure residential loans in commercially zoned areas. Thank you, A: PETER-- A "Single Family Residence (this includes One-Unit, Duplexes, Tri--plexes and 4-plex ... | |
| Indiana hud home | 5/12/2008 |
| Q: I have found a HUD listed home. When I was ready to put a bid on it, someone had already bid and the ... A: MARSHA-- If, in fact, the successful Bidder cannot obtain financing, HUD is required to put the ... | |
| FHA | 5/8/2008 |
| Q: I currently own 4 properties, my primary residence and 3 investment properties. I am thinking about ... A: WALT-- The fact that you own 3 investment properties does NOT disqualify you for an FHA-Insured ... | |
| Hud GNND Process | 5/7/2008 |
| Q: I am in the process of buying a home in Virginia. I have been approved for a low amount, but I am a ... A: As a teacher, your efforts are both underpaid and, I think, under -appreciated ! The GOOD NEIGHBOR ... | |
| reo cleanup business | 5/3/2008 |
| Q: i have read your advice to others about the reo clean up businesses.i would like to know how do we ... A: I suggest that you price your services based upon an estimate of the cost of materials need to do a ... | |
| hud home | 4/25/2008 |
| Q: if you purchase a hud home in the state of PA, is there a time frame the person purchasing the home ... A: Can the Investor get caught if he/she claims to be an Owner/Occupant and doesn't use the home as ... | |
| hud home | 4/25/2008 |
| Q: if you purchase a hud home in the state of PA, is there a time frame the person purchasing the home ... A: ESSIE-- HUD Homes (Properties that belong to the U.S. Department of Housing & Urban Development, ... | |
| FHA loan | 4/19/2008 |
| Q: I am considering buying a lender owned home in Missouri? Will FHS consider me for a loan if it is ... A: Good questions! If more folks asked questions before "jumping feet first" into the "quicksand" that ... | |
| assisted living or multi unit housing | 4/7/2008 |
| Q: How do I contact HUD or an individual who deals with HUD assisted living or multi- family housing ... A: CHAD-- To contact HUD/FHA you can go to their websites:(www.hud.gov OR www.fha.gov) Or you can ... | |
| FHA/ HUD realtor & closing costs | 4/3/2008 |
| Q: I asked you a question on this website regarding my egibilty of purchasing a HUD home back in early ... A: Welcome back "AllExperts" and I are really glad you love us! So, it looks like you're going to make ... | |
| good neighbor next door program | 4/2/2008 |
| Q: I am a full time teacher in Maryland and was interested in the Good Neighbor Next Door Program. This ... A: Glad you asked about the "Teacher-Next-Door (TND)" Program as provided by HUD/FHA; It's a great ... | |
| different hud options? | 3/21/2008 |
| Q: I was just woundering if hud has something I have heard about, paying off the back taxes and owning ... A: Two of them are NOT "HUD Property Sales Programs," but are programs that can be used to purchase ... | |
| Assistant Living Property | 3/16/2008 |
| Q: What do I have to do to convert a residential property to an assistant living home. I heard about ... A: RASHAD-- In most--if not all--states a property must meet certain physical standards to be approved ... | |
| foreclosure clean up business | 2/23/2008 |
| Q: Maybe you can send us in the right direction. We would like to start a business cleaning up, ... A: Actually I'll need to send you off in several directions as different types of "foreclosed" ... | |
| Qualifying for a HUD home | 2/9/2008 |
| Q: I am a 40 year old man and make approximately $20000 per year. I would like to purchase a new home ... A: Mr. LeBlanc-- HUD has many different programs, the selling of HUD HOMES is but one of them! "HUD ... | |
| Americorps VISTA: low income but good credit | 2/5/2008 |
| Q: I am currently an Americorps VISTA in North Carolina with the end of my service being in July. I get ... A: CASSANDRA-- Thanks for your service to our nation--Americorps VISTA is an honorable organization ... | |
| Reverse mtg residential-comm. zoning | 1/31/2008 |
| Q: I have a request to do an appraisal for a reverse mortgage loan that is a house located in a "Local ... A: LaRae-- Let's look at "Highest & Best Use!" Does the Subject Property meet the first standard? Is ... | |
| Sheriff Sale | 1/22/2008 |
| Q: Jim, I looking to purchase a home via a sheriff sale in Ohio. I have been pre approved for an FHA ... A: JOHN-- FHA recently revised their Minimum Property Standards & the Appraiser is no longer required ... | |
| Hud housing | 1/13/2008 |
| Q: I was wondering if we can get a loan for about 58000? We have a steady income and we would have ... A: JILLIAN-- "HUD Homes" are properties that have been foreclosed upon by a Lender who had FHA ... | |
| my baby sister | 1/8/2008 |
| Q: I'm not too sure if I'm on the right web site but this is the first one I found.I hope some one out ... A: NELLY-- My heart goes out to both you & your "Baby" Sister! To you because you're obviously ... | |
Jim Root
Top Expert on this page
Expertise
Can inform on "What exactly IS a HUD Property & can one purchase one of these Homes at BARGAIN PRICES'?" Can answer questions with regard to using a variety of FHA-Insured Loan Programs for the purchase of HUD-Owned properties--the "Traditional" FHA Mortgage, the "203B," as well as two "Special" FHA Loans, the 203K & Streamline 203K. The 203B is used to purchase properties that meet FHA's Minimum Property Standards & the 203K & Streamline "K-Loan" are "Renovation Loans" that can be used to purchase & repair all in one loan package! Can provide GENERAL information on HUD property sales procedures, and the procedures used by VA & other Agencies that may put "Foreclosed Properties" on the market! Cannot give legal advice or opinions, nor serve as rhe Questionners' "Agent," but can "point the Questioner in the RIGHT DIRECTION for special guidance & assistance" with a HUD(or other "Foreclosed") Property purchase! My Research Assistant, Gale, shown here with me, is a former Licensed Realtor.
Experience
Over 30 years as a "Real Estate Professional," including working as a Licensed Realtor, Residential Appraiser & Morgage Banker in the "Private Sector" and serving as a GS-12 Realty Officer with HUD/FHA for over a decade! Worked as Deputy Chief of the HUD Property Sales Division in Alaska and as Chief FHA Appraiser for HUD's Washington State Jurisdiction.While with HUD/FHA was trained & qualified as an FHA Loan Underwriter, Construction Analyst, Review Appraiser & Property Sales Specialist! Have worked in the Real Estate Markets in Alaska, Washington,Idaho,& Oregon over the past 30 years! Am familiar with "Other Markets" via continuous research!
Organizations
Former Member of National Association of Realtors(NAR) & Society of Real Estate Appraisers (SREA)Currently a member of Mortgage Bankers Association of America (MBAA) & National Association of Review Appraisers & Mortgage Underwriters (NARA/MU)
Publications
Articles published in various National, Regional & Local Real Estate-related magazines, booklets & newsletters. Co-authored several HUD/FHA Handbooks and numerous Marketing Materials while with the US Government Housing Agency!
Education/Credentials
Associates Degree with emphasis on Real Estate,Bachelors Degree in Mass Communications & Masters Degree in Education/Teaching. Numerous private sector & government-sponsored Real Estate-related Courses over the years!
Awards and Honors
Numerous Awards & Honors for Realty Marketing & Sales while a Realtor,"Outstanding Performance Awards" annually while with HUD/FHA. Earned the following Professional Designations: "Certified Residential Originator" (CRO) from the MBAA; "Registered Mortgage Underwriter' (RMU) and "Certified Review Appraiser" (CRA) from the NARA/MU.
©2012 About.com, a part of The New York Times Company. All rights reserved.