What is HUD?
HUD stands for Housing of Urban Development. A HUD home is a one to four single family home, condo or townhome that has been obtained by the government due to defaulting on an FHA loan. An FHA loan is a loan from the Federal Housing Administration, which provides mortgage insurance to ensure that lenders will be reimbursed if the homeowner falls into foreclosure.
HUD homes are not low-end housing. You can find a HUD home in just about any type of neighborhood. A HUD home simply means it is a home that went into foreclosure on an FHA loan.
HUD homes are appraised and property condition reports are available. HUD homes are also inspected, initial property maintenance steps are then followed (safety guidelines) and the property is then evaluated to see if the qualifies for the HUD discount sale program. Click here to search HUD homes today!
Purchasing a HUD home is very easy! Any agent who is registered with HUD can show a HUD home and submit a bid for purchase. Many of our agents are registered with HUD. Check out our Agents page to find your agent today!