Can I buy a HUD house for my father?
I am looking to purchase a property for my father to live in/ rent from me. He turned 65 recently, and is currently living in an apartment. Although he has a part time job, he doesnt have much cash, and he cannot qualify for a home loan on his own.
I offered to purchase a small house 2bd/1bath that needs some work, if he paid the monthly note it. He was a carpenter for a number of years, and is more than capable of doing just about anything that a house needs.
I understand that HUD homes are typically sold to owner/occupants, at least in the initial offering period. However, I have also been told there are some allowances for purchasing for family members if they are going to be the primary resident...
So, can I use my cash as a down payment on a HUD house, in its initial offering period to purchase a house that my father will live in? I do plan for the house to be in my name.