HUD Homes FAQ's
What Is A HUD Home? A HUD home is a residential property acquired by the Department of Housing and Urban Development (HUD). When an FHA insured mortgage is foreclosed upon, HUD often becomes the property owner and offerers it for sale to recover the loss on the foreclosure claim. HUD homes are all 1 to 4 unit properties. Who Can Buy a HUD Home? Almost everyone. They can be purchased with cash, or you can get a mortgage like any other home. HUD offers a small ten day window for owner occupant purchases. If after that time the property is still unsold, it becomes available to anyone, including investors. How Are HUD Homes Sold? Any HUD REGISTERED real estate agent may submit an offer and contract to purchase on your behalf. Where can I Find a HUD Registered Agent? Right Here! MSP Agents are all HUD registered agents. Does the $8,000 government's stimulus program "First Time Homebuyer Credit" apply to HUD homes? There are no restrictions to using this program on HUD homes. I am Interested in Purchasing a HUD Home What Do I Do? First thing is to get pre-approved by a lender. MSP Agents can help with this as well; we have relationships with some of the best in the business. So if you need help contact us. For more information check out WWW.HUD.Gov |