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.
Are there any special programs?
Properties in designated areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments. Read more about these Good Neighbor Initiatives.
Thinking of buying a HUD Home that needs repair?
FHA’s 203(K) rehabilitation loan or it’s simplified alternative, the Streamlined(k) may be a good option for you. FHA’s simplified Streamlined(k) program for small-scale repairs is the perfect option for most HUD REO sales. For the major repairs & more complicated renovation plans, the Standard 203(K) program is the option.
Can my customer's preview and bid on HUD Homes?
Yes! Only HUD Registered Agents can show and assist home buyers with the bidding process on a HUD Home.
Contact me for a complete list of HUD Homes, to preview a HUD Home, or to submit an offer on a HUD Home.