What is a HUD Home?
A HUD Home is a one to four unit single-family residence, condominium or townhome that has been conveyed to HUD by the lender as a result of foreclosure when the borrower defaults on the FHA-insured loan. HUD in turn sells the property at “AS IS” market value based on a recent appraisal as quickly as possible through an Asset Manager (AM) Contractor such as PEMCO, LTD. HUD Homes vary in price, location, and condition. Some are move-in ready condition and others are not.

Who can buy a HUD Home?
Anyone with a valid Tax ID (*SSN or Employer Federal Tax ID) issued in the United States can buy a HUD home. Potential buyers must qualify for a mortgage or pay cash to buy a HUD home. Buyers must have a pre-qualification letter from a certified lender, or proof of funds in the amount of, or greater than the gross purchase price of the property.

Where can I find a HUD home?
HUD homes are listed at www.HUDHomestore.com.

How can I view a HUD Home?
All buyers MUST be accompanied by a broker or agent when viewing any HUD Home listed for sale.

Do I need a realtor to place a bid for me?
Yes, please contact a registered HUD broker or agent to place a bid on a property and to access the home listed for sale. To lookup a broker/agent in your area, visit the HUDHomestore website.

What are FHA sales incentives and how does it benefit owner-occupant purchases?
For a limited time, FHA offers sales incentives on HUD homes that will make these homes more affordable for homebuyers when purchasing a property using FHA-insured financing.  The incentives VARY from state to state but may include: low down payments; sales allowances that can be used to pay closing costs, make repairs, or pay down the mortgage amount. The benefits of FHA financing are low down payments; competitive interest rates; flexible credit qualifying.  Read  more …

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9 Steps to Homeownership

 1. Figure out how much you can afford
What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate.

	How much home can you afford?
	Buying vs. Renting
	Home Economics

 

Homebuying programs in your state

2. Know your rights

	Fair Housing: Equal Opportunity for All- brochure
	Real Estate Settlement Procedures Act (RESPA)
	Borrower’s rights
	Predatory lending

3. Shop for a loan

	Looking for the best mortgage: shop, compare, negotiate- brochure
	Let FHA help you
	Learn about interest only loans
	Avoid Predatory Lenders

4. Learn about homebuying programs

Homebuying programs in your state

 

	Let FHA help you (FHA loan programs offer lower downpayments and are a good option for first-time homebuyers!)
	HUD’s special homebuying programs   Good Neighbor Next Door(formerly known as Teacher/Officer/Firefighter Next Door)   Hurricane Evacuees discounted sales   Homeownership for public housing residents   Indian Home Loan Guarantee Program(Section 184)

5. Shop for a home

	Choose a real estate agent
	Wish list- what features do you want?
	Home-shopping checklist? take this list with you when comparing homes
	Homes for sale(including HUD homes)
	“Fixer-Uppers – home purchase and repair programs
	Manufactured (mobile) homes
	Build a home

6. Make an offer

Making an offer

7. Get a home inspection

	For Your Protection Get a Home Inspection
	10 Questions to ask a home inspector

8. Shop for homeowners insurance

	Homeowners insurance
	12 ways to lower your homeowners insurance costs

9. Sign papers
You’re finally ready to go to “settlement” or “closing.” Be sure to read everything before you sign!

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First Time Buyers
About Buying a HUD Home
Information about HUD Homes
100 Q&A for Homebuyers about Buying a New Home
Buying Your Home: Settlement Costs and Information
Frequently Asked Questions – FAQ
Healthy Homes
Protect Your Family From Lead in Your Home

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