How to qualify for a HUD home

A HUD home is a residential property acquired by HUD because of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. Since these are government owned properties, they can offer them at a discount.

Difficulty: Easy

Instructions

Things You'll Need:

• A HUD approved real estate agent

1. 

   To speed up the process get pre- qualified for a loan. If you have the cash or are qualified, you may buy a HUD Home. HUD Homes are first offered to owner-occupied buyers. These people are purchasing a HUD home as their primary residence. After the priority period is over and the house has not been sold, it is offered to investors as well.

2. All properties available for purchase by the public are put on the internet for sale sites, which are maintained by management companies that work for HUD. You need to find a real estate broker registered with HUD they are the only agents that can submit an offer to HUD on your behalf. HUD will pay the real estate agents commission if it is stated in the contract

3. HUD offers reduced prices on homes for teachers, firefighters, law enforcement officers, and emergency medical technicians. HUD does not offer financing but you can get financing through FHA.

[cliasays]

on 8/27/2009 Great Info! Thanks!

[francisfour]

on 8/26/2009 Thank you for this article. I am looking for a place.

[tammyfrost]

on 8/14/2009 Thanks for the tip! So basically find a real estate agent who qualify's for selling hud home's right?

[MrBrett]

on 7/6/2009 Good Tips. Thx

[Rosepedal]

on 6/8/2009 Im in the market for a loan. Thank you very much for the tip