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What is HUD? What is a HUD home? Who can buy a HUD home?

(Published on - 10/13/2016 5:05:16 AM)

 

hud blog 1

What is HUD? The U.S. Department of Housing and Urban Development. Please visit www.HUD.gov for additional information.

 

What is 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.

 

In other words...

HUD oversees the Federal Housing Administration (FHA, which provides federal insurance against default on home mortgages.

If the payments are not made on an insured *FHA loan, the mortgagee forecloses, or deed-in-lieu, then files an FHA insurance claim for the unpaid loan balance , and conveys title to the property to HUD...At that point, the house becomes a HUD owned home.  * ( FHA loan monthly payments include principal, interest, home insurance, property taxes and MIP-Mortgage Insurance Premium).

 

HUD then hires an Asset Manager Company. This asset manager is the HUD contractor responsible for the sale of the property... a Field Service Manager is hired and is responsible for maintaining the property. The HUD contractor also hires an authorized HUD Listing Real Estate broker to assist in the sale and marketing of the HUD homes.

 

Who Can Buy a HUD home?

Any qualified purchaser can offer to buy a HUD home, regardless of race, color, religion, sex, national origin, handicap, or familial status. To search HUD homes available in your area visit www.hudhomestore.com ..Owner occupants have priority in bidding during an initial period set aside at the beginning of the bid process.  Please contact a broker/agent who is registered to bid with HUD to place a bid on a property.

 

We currently have HUD listings available in Eagle Pass, TX please visit the page mentioned above or contact us at Realty Executives of Eagle Pass @

830-758-1034 for more information.

 

I hope you find this information helpful, if you still have questions about this topic please feel free to contact your local authorized HUD listing broker &  HUD registered bidder broker Doris Salinas-Sánchez with Realty Executives of Eagle Pass or one of our Executives for more information about HUD homes and the bidding process.

Thanks for visiting our website and for reading this blog! Have a blessed day. Doris

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