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HUD Homes

The United States government insures millions of home loans every year. Thousands of loans default and assets are returned to the federal government for liquidation. The homes are sold as-is and may not be in move-in condition.

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FHA Loans

   The Federal Housing Administration also offers programs to assist citizens towards homeownership. FHA is a division of HUD, which assists buyers in getting qualified for loans that are government-backed or insured. Because FHA insures the loan the lender will be available to offer more incentives such as lower interest rates, lower down payments, and lower closing costs. FHA also makes it easier for the home buyer to qualify for the loan seeing as though the lender is assuming less risk.

   FHA provides different types of programs depending on the individual�s needs. For first time homebuyers an FHA insured loan may promise a lower interest rate and lower closing costs. Another program offered by FHA is their fixer-upper program where all the costs for repair are included within the loan. Along the same vein, those who would like to upgrade their home to become more energy efficient can utilize an FHA energy-efficient mortgage.

   The FHA also provides programs for seniors ages 62 and older who own their home or have a low balance left on their mortgage. Seniors can utilize the benefits of a reverse mortgage and take out some of the equity in the home.

For more information on FHA Loans:
http://www.hud.gov/fha/loans.cfm