How Do I Get Approved For A Hud Home?

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Old 01-25-2009, 01:37 PM
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How do i get approved for a hud home?

How do i get approved for a hud home, Our credit score aint the best its not over 650 so we are having a hard time buying right now, i have heard with hud homes you dont need good credit, does anyone know of any places that will take us with bad credit? any help would be great
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Old 01-25-2009, 04:23 PM

RE: How do i get approved for a hud home?

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Does anyone know this? the home we were going to buy from my brother in law, the basement is starting to flood from under the groud, so the basements floors are going to be torn out and get new pipes, I think this is going to cost way to much to fix, so we will have to find another place ASAP... If anyone knows anything about hud homes loans it would be great to hear, i have been trying to get a loan for a house for a long time
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Old 01-25-2009, 04:33 PM

RE: How do i get approved for a hud home?

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Buying a Home - HUD is a great website to see who is a local lender. Then go take with that lender, there may be other options such as FHA or others. By talking with our lender we were approved for 100% loan after completing a couple extra forms, a telephone interview with the agency (I'm not sure what one exactly) and working up a budget. It was even a decent interest rate under 7% (6 years ago)
We've since refinance, improved the value of the home, so now we are out of PMI. An extra $200 in our pockets...really handy this time if year with slow work for DH.
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Old 01-25-2009, 07:05 PM

RE: How do i get approved for a hud home?

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thank you Imfarrell, I will check this site out, Do you have to have a certian credit score or anything? That would be awesome to get approved for one..
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Old 01-26-2009, 01:23 AM

RE: How do i get approved for a hud home?

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Another alternative to buying is lease to buy or rent to own. Just type that in your search engine for your area. Also, you can check out the foreclosure notices in your area as well.
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Old 01-26-2009, 06:54 AM

RE: How do i get approved for a hud home?

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Originally Posted by couponmom25 View Post
thank you Imfarrell, I will check this site out, Do you have to have a certian credit score or anything? That would be awesome to get approved for one..

I don't know about the credit score b/c DH bought before we were married (but together) and didn't need to count mine, and his score was never an issue.
We asked the lender if the interest rate was dependent on the score, it was, but he was in the high score for that type of loan...so no worries.
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Old 01-26-2009, 02:40 PM

RE: How do i get approved for a hud home?

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Originally Posted by lmfarrell View Post
I don't know about the credit score b/c DH bought before we were married (but together) and didn't need to count mine, and his score was never an issue.
We asked the lender if the interest rate was dependent on the score, it was, but he was in the high score for that type of loan...so no worries.
I just talked to hud and they said you have to have a credit score of 650 or higher.. ours is in the 500's .. I will check into the rent to own types.. most of those wants lots of money down, I seen one in my area last night but it got rented out already.. thanks for all the advice
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