Sorry if this has been asked before but I could not find it if it has been. If a HUD foreclosure says yes to 203k eligibility what exactly does that mean? Does it mean the loan can be taken over by anyone? I am wondering if this has an affect on the owner occupant HUD sometimes requires. What situations do you not have to be an owner occupant for HUD? I am quite confused, so any help would be appreciated. Thanks.
Jason
Howdy Ready2learn:
I am not sure about todays 203K plans but in the past they were made available to investors as well. The 203K is a loan program where rehab funds can be included in the loan and escrowed until the rehab is complete.
After a HUD has been available to owner occupants during the initial marketing period and no bids have been received, then it will be open to all bidders. I am not as familiar with HUD as I would like to be. There may be some exceptions to this but I do not know. I am sure there are several HUD agents in your area that know a lot more than I do.
Hope my little bit has helped some.
It has been years since 203K loans have been available to NOO.