ST Alpha - "I am not at all versed in this area, but my vague recollection wants to say this just means you have to buying it as a primary residence" (Reading a Post)

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In response to "Upon further research, the house I really like from photos is apparently a HUD house. That would make it pain, wouldn't it? -- nm" by Dano

I am not at all versed in this area, but my vague recollection wants to say this just means you have to buying it as a primary residence

Posted by ty97 Jan 19 '16, 20:29

i.e. it can't be an investment home. (And you have to sign and swear accordingly)

Don't quote me on this, but I think my condo in Chicago was HUD and this is what I vaguely recall?

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Though digging further I'm finding things like "Insurable with Repair Escrow" - Dano Jan 19, 20:41 4
- Be sure to ask the age of these things: water heater, roof, heating/furnace, electrical amps, type of plumbing pipes. -- nm - JenBro Jan 19, 20:58
- wouldn't that suggest its a foreclosure? that it needs some repairs which is why its underpriced (handyman special, are you handy? do you know any) - zeitgeist Jan 19, 20:49 2
  - I think HUD basically just means that it was a foreclosure on a federally insured mortgage so now the government owns it. -- nm - Dano Jan 19, 21:03 1
    - Ummm nope - I don't think so. Modular homes are 2 types - HUD or BOCA -- nm - JenBro Jan 19, 21:06
I had no idea what a HUD house was, so I looked it up. apparently there's a priority period where you can only purchase as a primary residence. - mafic Jan 19, 20:37

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I am not at all versed in this area, but my vague recollection wants to say this just means you have to buying it as a primary residence

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