What
is a HUD Home?
A
HUD home is a 1 to 4 unit residential
property acquired by HUD as a result of
a foreclosure action on an FHA-insured
mortgage. HUD becomes the property owner
and offers it for sale to recover the
loss on the foreclosure claim.
Who
can buy a HUD Home?
Almost anyone! If you have the cash or
can qualify for a loan (subject to
certain restrictions) you may buy a HUD
Home. HUD Homes are initially offered to
owner-occupant purchasers (people who
are buying the home as their primary
residence). Following the priority
period for owner occupants, unsold
properties are available to all buyers,
including investors.
How are HUD Homes sold?
All properties available for purchase by
the public are offered for sale at by
management companies under contract to
HUD. Any real estate broker registered
with HUD may submit an offer and
contract to purchase on your behalf. HUD
pays the real estate broker's
commission, if included in the contract.
Are there any special
programs?
Properties in designated areas are
available at a reduced sales price to
police officers, teachers, firefighters,
emergency medical technicians,
nonprofits and local governments.
Should
I get a home inspection?
We encourage you to get an inspection
after your offer is accepted. All HUD
Homes are sold AS-IS, without warranty.
HUD will not make repairs nor pay to
correct any problems.
What about financing?
Although HUD does not offer financing
directly, some of the HUD homes qualify for
FHA-insured loans. Shop around for a
lender to find the best loan terms
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