Do you have to live in HUD homes for a year before considering saleing it, after restoring one?

Answer 1

I've sold many HUD houses, and live in one I bought.
When you submit an offer, you either bid as an "owner occupant" or as an "investor". If you bought it as an investor, you can sell it right after you close on it as a buyer. If you bought it as an owner occupant, then you signed a paper that states that you will use it as your primary residence for 12 months. Look at your contract - it's about 12 pages. On the first page (the one with the price) there's a place to check off or circle whether the buyer is an investor or owner occupant.

The HUD "Anti Flipping" rules are another thing all together, and are not HUD Foreclosure specific. With ANY house that an investor buys, HUD will not allow the new buyer to use an FHA loan during the first 6 months. And between 6 and 12 months, if the new sale price is two times the investor's purchase price, then HUD would require two appraisals, and proof of what improvements were done to the house. This is to keep HUD from eating an FHA loan on a house that a shady investor cheaply "prettied up" and sold to an unsuspecting buyer. You can email me if you have more specific questions.

Answer 2

I assume you are asking if you purchase a HUD home, rehab it and then sell it. If you can document your improvements there is not a requirement that you hold on to it for a certain amount of time.

Answer 3

an INTERESTING question... I hope someone has the info you need, as I'll be following this question!

Have you checked their website?