So you’ve decided to buy a home. You’ve researched your options, read up on what a HUD home is, and are now curious – is a HUD home right for you? The decision to buy a HUD home can be very situational. Let’s look at some common pros and cons to help you decide.
Benefits of Buying a HUD Home:
There are many pros to buying a HUD home. If you qualify to buy a HUD home, you would be eligible for the following benefits:
- Assistance from HUD with closing costs (this can be up to 5% of the purchase amount)
- Faster closing if you’re using an FHA loan to buy the home, as these are already pre-approved.
- Low deposits, making entry into the home market an affordable option to many.
- HUD homes prefer buyers who will be living in the home over real estate investors more interested in flipping or renting the property.