What are the qualifications for obtaining HUD or other government loans for purchase of Multifamilys?

In Buying Property - Asked by Alvin I. - Jan 3, 2010
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Glory B.
Lender/Mortgage Broker
Lake Villa, IL

Hi Alvin;
There are many factors that go into utilizing a HUD loan. Getting an expert to assist you would certainly help! First of all, you must have good/decent credit and 10% of your own funds to put into the deal. Which, with us, means a minimum of $50,000 as our minimum loan amount is $500,000. Finding a property that is fairly new, or has been well-maintained is also helpful as that will become an issue once you get into the inspection phase of the transaction. HUD is very concerned with making sure that everything is up to code and their liability is limited. I would be happy to discuss more about this, if you would care to call me at 847-245-4600. Thanks!

Jan 28, 2010
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