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Hi guys! I have been preapproved for a USDA RD loan but I have found a HUD foreclosure (townhome with HOA) that is below my budget listed at $133k. The address is in a RD eligible area. Would I be able to use my RD info or would I need to have my credit pulled again for FHA approval in order to purchase? I am aware of the $100 down payment if you are seeking a FHA mortgage but wasn't sure if a FHA mortgage was required.
@FuturePlan2 wrote:Hi guys! I have been preapproved for a USDA RD loan but I have found a HUD foreclosure (townhome with HOA) that is below my budget listed at $133k. The address is in a RD eligible area. Would I be able to use my RD info or would I need to have my credit pulled again for FHA approval in order to purchase? I am aware of the $100 down payment if you are seeking a FHA mortgage but wasn't sure if a FHA mortgage was required.
I believe that as long as the property is in an USDA designated area you can use it on any type of home (HUD, Homepath, etc.). I would only go FHA as a last option over the USDA. You won't be stuck paying MI for the life of the loan.
Thanks! I decided to pass on that place. The previous owner owes 2 + years of back taxes and I think I would be responsible for those in addition to the HOA and monthly payment.
@FuturePlan2 wrote:Thanks! I decided to pass on that place. The previous owner owes 2 + years of back taxes and I think I would be responsible for those in addition to the HOA and monthly payment.
nope.... you wouldn't be responsible for either
I was told by my lender I would be responsible for the back taxes since it was a foreclosed unit. Someone has a contract on it now so I've missed out if this wasn't the case