Can I Get Financing for a Government Owned Home?With HUD homes the answer is yes. With other foreclosed sales the answer is generally no. HUD homes are purchased more like normal property. You must go through a licensed real estate agent and the property is bought through a special purchase agreement. The property is still sold to the highest bidder. With this type of purchase the standard financing is used. With foreclosed property the sale is auction style. You must have cash on hand. The property goes to the highest bidder who is able to pay cash now. The only way financing would work is to obtain a line of credit from the bank and bid through cashier's check drawn on your credit line. HUD does not provide direct financing to buyers of HUD Homes. Buyer must obtain financing through either their own cash reserves or a mortgage lender. The broker will explain the details of making a bid on a HUD Home; it's easy! In fact, buying a HUD Home can involve less paperwork and red tape than buying another type of home.
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