About HUD Homes

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HUD homes are homes that have been acquired by a secured HFA loan, when the homeowner defaults on the loan and the house becomes the property of Housing and Urban Development. Find a real estate agent familiar with HUD housing using advice from a mortgage specialist in this free video on real estate.

Part of the Video Series: Real Estate Financing
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Video Transcript

Hi my name is Stetson Lowe and in this clip we're going to be talking about HUD homes. HUD homes are homes that are acquired from a home that was secured by an HFA loan. HFA is part of HUD which is the Housing and Urban Development division of the government. When someone has an FHA loan that is basically insured by FHA against default, the lender is, so if someone was to default on a single family duplex or three to four unit property with an FHA loan, the lender then can make a claim against that insurance being reimbursed the full amount of the loan and then turn the property over to HUD where the Housing and Urban Development program. That home is then turned around, refurbished a little bit and put up for market as a HUD home to sell. Once the HUD homes have been put on the market for sale, you want to find a good real estate agent who is familiar with the HUD home buying process and who can guide you through every step of the way of buying a HUD home. They really are good deals sometimes, sometimes they're not that great a deal. So finding the right real estate agent is a great idea when trying to buy a HUD home.

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