About HUD Homes
If you are looking for a bargain on a new home purchase, whether you want to buy a single-family property or a multi-family investment, consider looking into the HUD (U.S. Department of Housing and Urban Development) homes that are available in your area. Because HUD homes are foreclosures, you may be able to get a great bargain and turn your new home into a profitable investment.
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Significance
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HUD governs FHA-insured loans, and when homes with FHA-insured loans are foreclosed on, HUD becomes the owner of the property.
Expert Insight
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There are no special requirements to purchase a HUD home; if you are able to qualify for a loan for the amount the home is being sold for, you can purchase it.
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Features
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HUD homes are offered as owner-occupant properties at the outset of the agreement, meaning you, as the owner, will live in the property. If it is a multi-family home, you are agreeing to live in one of the units for a period, but you can still rent out the other units.
Considerations
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A listing of homes for sale through the HUD program can be accessed through the main HUD website (see Resources); if you are working with a real estate agent or broker who is registered with HUD, he can help you submit an offer.
Warning
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HUD homes are always sold as is, which means they do not have any home warranty on them; if repairs are needed, they will be your responsibility as the new owner.
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Resources
- Photo Credit Dez Pain
