HUD homes are those being sold by HUD.
If such homes are indicated as “IE” this means that the FHA loan on it (203b) can be insured by HUD with Escrow Repairs. So “IE” means “Insured With Escrow Repairs”.
Only repairs below a total of $5,000 can qualify for this type of FHA financing and meet minimum property standards required for an FHA mortgage.
The “repair escrow” that’s set up will be done in coordination with the FHA Lender and the work has to be completed within 90 days. The amount of money to be deposited into that “escrow” is determined based on Contractor ‘bids’ and has to be funded at the same time the FHA 203b Purchase money mortgage loan is funded.
Tags: 203b with repairs, FHA 203b, FHA 203k, fha appraisal, FHA home loan, FHA mortgage insurance, HUd home, HUD property, Insured with Escrow repairs, minimum property standards, no mortgage insurance