How to Buy A HUD Home For My Family

HUD stands for the U.S. Department of Housing and Urban Development, and a HUD home is a house that HUD has acquired due to a foreclosure on a home. These HUD homes then become available for sale from HUD to private buyers.

Difficulty: Challenging

Instructions

Things You'll Need:

• An interest in buying a HUD home from the U.S. Department of Housing and Urban Development).

1. If you want to buy a HUD home, the first step is to qualify for the mortgage. (If you can pay the necessary cash up front, this is not necessary.) Otherwise, all of the usual rules about qualifying for a mortgage home apply.

2. Know that HUD gives top priority to potential buyers who plan to buy a HUD home in order to live in it themselves (rather than renting it out to someone else).

3. If you lost your home in one of the big hurricanes (Katrina, Rita or Wilma) or some other natural disaster, and you can provide all of the appropriate documentation, you may be able to buy a HUD home at a significant discount.

4. To buy a HUD home, you will want to first log into this page within the the main HUD website: hud.gov/offices/hsg/sfh/reo/reobuyfaq.cfm, where you will in turn be directed to specific realty websites where HUD homes are listed for sale.

Tips & Warnings

• Know that when you buy a HUD home, it will be sold to you "as is," so it will be absolutely necessary for you to get your HUD home inspected by an experienced, professional home inspector.

[Upon-Request]

on 1/23/2009 Thanks for the HUD info. :)