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.
If you are an evacuee displaced by Hurricane
Katrina, Rita or Wilma, HUD could sell a HUD home
at a discount to you!
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.
If you are an evacuee displaced by Hurricane
Katrina, Rita or Wilma, HUD could sell a HUD home
at a discount to you!
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| FHA Loan Programs |
How are HUD Homes sold?
All properties available for purchase by the public are offered for sale at Internet
listing sites maintained 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 law
enforcement officers, teachers, firefighters, emergency medical technicians,
nonprofits and local governments. Read more about these Good Neighbor
Initiatives.
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 our homes qualify for
FHA-insured loans. Shop around for a lender to find the best loan terms. Find out
how an FHA loan can help you.
All properties available for purchase by the public are offered for sale at Internet
listing sites maintained 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 law
enforcement officers, teachers, firefighters, emergency medical technicians,
nonprofits and local governments. Read more about these Good Neighbor
Initiatives.
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 our homes qualify for
FHA-insured loans. Shop around for a lender to find the best loan terms. Find out
how an FHA loan can help you.
