Hud home for investment but labeled inhabitable?

Hello,

I found a Hud home that has been vacant for three years. Everything is in great shape on the home. However, the copper piping in the basement was ripped out by scrapers. Because of this the house is labeled inhabitable and getting a loan on the house seems to be near impossible. Is there anyway to get around this. Would prefer to get a loan rather then pay cash for the home.

Any advice would be great!

Thanks!

Yes, lol sorry I am tired! Uninhabitable.

The house is going for 40K and is valued at 110K. So I don't see how I would loose money on the deal. My plan is to fix the piping and then rent it out for a couple years then resell it. Need advice on how to get a loan on this issue not advice on if the house is worth it. The plumbing is still all intact up the walls. Just the main lines in the basement are gone. Not much work needs to be done.

Big diff between inhabitable and uninhabitable. . . .
Some lenders will give you a loan IF you escrow amounts for plumbing repairs, providing them with several estimates

The house is 'uninhabitable'. Try to get a loan that includes money for the replacement of the water pipes.

forget it .
go find a house u can make money with instead of lose money with.

if labeld uninhabitable then u pay cash .
no occupancy permit =s no mortgage.

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Great post! I completely understand your question. Money is hard for a lot of people right now since the enconomy is going down. My friend told me about this website of an organization that gives people up to $1500 towards their rent or mortgage. It's available in most areas, so I think you should check it out.


http://www.help-with-my-rent-mortgage.or...

Hope this helps!