There is a HUD property for sale for $90k. The only thing it needs is carpet and the value is $130k. However, the bid is only open to Owner Occupants. However, I have an employee who works for my other business who is looking to buy a house. Legally, the purchaser of the property has to live in it for 12 months before it can be sold. His credit is questionable but with me as a cosigner, he would be approved. Could I legally cosign his loan and he live in it or do all owners have to live in it or will HUD even allow that?
I have absolutely no knowledge of how HUD works so if someone could advise me, I’d appreciate it.