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About 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.

   

You are here:  Experts > Shopping > Home Buying/Selling > HUD Properties

Questions Answered By Expert  Jim Root 
In Category  HUD Properties

SubjectDate Asked

HUD Purchase with private financing11/23/2009
  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 financing11/22/2009
  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 home11/20/2009
  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 home11/12/2009
  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 cleanup11/5/2009
  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 living11/5/2009
  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 property10/29/2009
  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 cleaning10/28/2009
  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 out10/16/2009
  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 limit10/15/2009
  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 Policy10/11/2009
  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 Restrictions10/8/2009
  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 home10/6/2009
  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 mortgage7/13/2009
  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 property7/8/2009
  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 - Rental7/1/2009
  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 property6/26/2009
  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 property6/26/2009
  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 property6/26/2009
  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 Escrow6/25/2009
  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 property6/22/2009
  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 upper6/16/2009
  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 upper6/15/2009
  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 Name6/8/2009
  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 PROPERTY5/30/2009
  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 Vendor5/14/2009
  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, ...
loan5/6/2009
  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 Statement5/5/2009
  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 Statement5/5/2009
  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 up4/24/2009
  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 84/19/2009
  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 loans4/17/2009
  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 loan4/17/2009
  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 loans4/17/2009
  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 Program4/14/2009
  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 Occupancy4/3/2009
  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 listings3/31/2009
  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 listings3/30/2009
  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 ...
eligibility3/27/2009
  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 Occupant3/25/2009
  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 Business3/20/2009
  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 it3/19/2009
  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 business3/18/2009
  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's3/12/2009
  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 property3/9/2009
  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 landlord3/8/2009
  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 question3/7/2009
  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 costs3/6/2009
  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 wondering3/5/2009
  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 occupied2/6/2009
  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-Occupancy2/5/2009
  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 loans11/30/2008
  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 estimates11/26/2008
  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 repair11/19/2008
  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 intentions11/15/2008
  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 Closing11/3/2008
  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 clause10/25/2008
  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 ups10/20/2008
  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 ups10/17/2008
  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 Business10/16/2008
  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 muck10/14/2008
  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 Rules10/4/2008
  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 house10/4/2008
  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 apartments9/16/2008
  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 mortgage9/16/2008
  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 apartments9/15/2008
  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 TAXES8/27/2008
  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 home8/27/2008
  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 home8/26/2008
  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 HOME8/21/2008
  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 escrow8/15/2008
  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 ...
Hud8/2/2008
  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 PROPERTY8/2/2008
  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 Amendments7/31/2008
  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 buyer7/29/2008
  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 buyer7/28/2008
  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 homes7/27/2008
  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 home7/23/2008
  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 homes7/12/2008
  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 homes7/8/2008
  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 COST7/8/2008
  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 Escrow6/16/2008
  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 homes6/10/2008
  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 FHA5/22/2008
  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 home5/12/2008
  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 ...
FHA5/8/2008
  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 Process5/7/2008
  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 business5/3/2008
  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 home4/25/2008
  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 home4/25/2008
  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 loan4/19/2008
  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 housing4/7/2008
  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 costs4/3/2008
  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 program4/2/2008
  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 Property3/16/2008
  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 business2/23/2008
  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 home2/9/2008
  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 credit2/5/2008
  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. zoning1/31/2008
  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 Sale1/22/2008
  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 housing1/13/2008
  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 sister1/8/2008
  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 ...

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