Updated over 10 years ago on .
First time flip, HUD home
I am interested in a HUD foreclosure. It is currently open to all bidders, the bidding period reads "extended", and it says FHA financing: uninsured. The home would not be considered livable in its current condition. Repairs to the plumbing need to be made but should be under $5000. I'd like to take around 3 months to renovate and live in the apartment I lease while doing so. If repairs run over I could move in after my lease ends in July.
I'm curious as to whether or not I can finance this property if I don't intend to own it for more than a few months. I've read that FHA loans for HUD homes require you to reside there for 12months. Can investors get FHA loans? I'd like to know more about how the insured repair escrow (less than $5,000) works as well. I'm leery of the 203k streamline because I've heard its lengthy and difficult for DIYers. Any info would be appreciated!!