HUD Home

[uncle sam]

When you buy a HUD home are you required to live there?

 

[glenn walker]

When you buy a HUD home are you required to live there?

Depends they have different programs . The ones in extreme bad condition are often sold to all cash investors others in average condition are sold to home buyers - So there is no ( yes or no ) answer to your question. each listing will describe the conditions and terms of purchase.

 

[Cotton Cornell]

I bought a 4 unit HUD REO in need of a full renovation. Each unit was a 2 bedroom. I utilized a 203K loan. The intent was for us to live in one of the units as per HUDs requirements. My wife and I had 1 child at the time. About 6 months into construction my wife became pregnant and we could not comfortably live in a 2 bedroom unit. So I wrote a letter to HUD once the construction was complete. HUD stated it was a "life event" therefore I did not need to occupy the dwelling. Turned out to be a great investment property thanks to HUD!

 

[Tom D]

the answer is yes. you have to live in the FHA house. i once asked a HUD investigator about fraud. they don't do anything under $10,000,000. however, the biggest thing they investigate is home owners who don't move into their newly bought FHA home. you can rent it out later, but i don't the time frame, and you can also get out with a reasonable excuse like noted above. on HUD foreclosure homes, live in owners have the first right of bid. after a certain time the investor can bid on it. that is my experience when i was buying HUD foreclosures.