Mortgage Grapevine

HUD REO condo question

I have a customer that wants to purchase a HUD REO condo. Does the condo complex need to be approved for FHA to finance a HUD REO using an FHA loan?

by Vinnie The Leg Breaker December 31, 2012 12:46 PM

Jeez Vinnie, a mortgage question on this site? If it is HUD-owned it was likely a foreclosed FHA loan, which means it was on the approved list back when the foreclosed loan was made. HUD will bend any number of rules to unload an REO so even if it is not on the list now they may go for it. Wish I could give you a real answer...
by oldbe December 31, 2012 1:22 PM


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