All Forum Posts by: Andrew Goelz

Hey All,

I was looking into this as well and found a good answer from: "Tracy Richar…, Home Buyer, Soddy Daisy, TN Sat Aug 18, 2018" Post on Trulia.com. This Post is the 4th one down from the question. 

https://www.trulia.com/voices/Home_Buying/is_it_better_to_buy_a_home_that_is_insured_with_es-276822

Looks like there are three types of HUD categories. Insured, Insured with Escrow, and Uninsured. Insured looks like no necessary repairs are needed to close. Insured with Escrow, looks like it needs repairs to close that require less than or equal to 5k and you will have to put money into escrow to get these done. I know banks often want the work done by a licensed contractor and not your uncle Joe. Uninsured looks like you could get a 203K Loan to cover the costs necessary to close, usually, this entails over 5K. I hope this helps, but again always check with your lender.