Government HUD homes
A HUD home is a residential unit that was acquired as a result of a foreclosure on an FHA insured loan. Once HUD has taken possession of the property they offer it to be sold in order to recoup the loss of the claim. HUD homes provide great housing opportunities for homeowners across the nation and are available to just about all who qualify. HUD offers the home first to those seeking a property for owner occupancy, then the home is offered to all types of buyers if it is not sold.
Once the buyer has located a HUD home within the search the buyer can submit an offer through a registered HUD broker. Normally HUD will include the brokers commission within the purchase price. HUD also offers a variety of special programs that may assist in the down payment or closings costs. However, HUD does not directly finance the property. For more information on federally-backed loans please check the FHA information page.
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