What Are HUD Owed Foreclosure Homes?
The U.S. Department of Housing and Urban Development describes a HUD home as one that is acquired as a result of a foreclosure on a Federal Housing Administration loan.
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Types
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HUD homes can be one- to four-unit residential properties. This includes single-family homes, condos, townhomes and small apartment buildings.
Features
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HUD homes are sold by companies and real estate brokers that are registered with HUD. The public can view available properties through Internet sites listed on the HUD website.
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Benefits
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Most HUD homes are sold below fair market value, which gives buyers who may not think they can afford a home the opportunity to be a homeowner.
Warning
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HUD homes are sold in as-is condition, and HUD will not make repairs or fix any problems with the home.
Discount Programs
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HUD has programs that offer discounts on homes to law enforcement, firefighters, teachers, local governments and nonprofits. They do this through their Neighbor Next Door Sales Programs.
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