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How do I Purchase a HUD Home in Michigan?

How do I Purchase a HUD Home in Michigan? thumbnail
Almost anyone can purchase a HUD home in Michigan.

A HUD home is a one- to four-unit residential dwelling obtained by HUD through foreclosure. Originally, HUD homes are for primary residency; however, unsold homes are available to anyone after the priority period.

  1. Housing Counseling Agencies

    • Sign up for approved housing counseling. Housing and Urban Development (HUD) sponsors counseling agencies throughout the United States. Housing counselors provide valuable advice on purchasing and keeping a home. See Resources for a list of approved housing counseling agencies.

    Predatory Lending

    • Educate yourself on predatory lending practices so you do not become victim to high interest rates and high mortgages. According to HUD, Predatory lending defines a system of unfair financial practices.

    Assistance Programs

    • Research assistance programs to help you purchase and maintain your home. Single Family Down Payment Assistance (DPA) provides $7,500, which includes closing costs and prepaid expenses. HomeChoice DPA provides $12,000 in down payment assistance that also includes closing costs and expenses. Home ownership vouchers provide mortgage payment assistance and monthly expenses.

    Purchase Your Home

    • Check the Internet and Multiple Listing Service for homes that meet your specifications. Since HUD does not pay for home repairs, have the home inspected. If Hurricane Katrina, Rita, or Wilma displaced you, then you may qualify for a HUD home at a discounted price.

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  • Photo Credit home sweet home image by David Dorner from Fotolia.com

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