Home Buying in 30080>Question Details

Jordan0400, Home Buyer in Powder Springs, GA

What is a HUD home?

Asked by Jordan0400, Powder Springs, GA Thu Apr 4, 2013

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Reynalda Chavez’s answer
A HUD Home is a foreclosure property that had an FHA mortgage loan. They are Government homes for sale.
All HUD Homes can be purchased with only $100 down and you can borrow up to $5,000 for repairs, also HUD contribute up to 3% of the sales price toward buyers closing cost.

Any additional questions please feel free to contact me.

Reynalda Chavez
HUD Register Selling Agent
770-655-2846 direct
http://www.reynaldachavez.com
0 votes Thank Flag Link Thu Apr 4, 2013
HUD stands for our Department of Housing and Urban Development.
A HUD home is a home that has been foreclosed and is now owned by HUD,
1 vote Thank Flag Link Wed Aug 7, 2013
This article may shed some light on HUD homes, buying them and getting financing for them. http://www.reply.com/realestate/hud-homes/
0 votes Thank Flag Link Wed Aug 7, 2013
The home that has been foreclosued on and is now a property of Housing Urban Development.

The process of buying a HUD home is more streamlined than a bank-owned foreclosure.

I believe, there is also a downpayment assistance still available.

You can search for HUD homes and get more information about the process at https://www.hudhomestore.com
0 votes Thank Flag Link Thu Apr 4, 2013
when a FHA loan goes into default which results in foreclosure the property is then aquired by HUD which is a government agency.
If you need help purchasing a HUD property I can help.

Kaylane Peters
Coldwell Banker South Gwinnett
licensed in Ga. & La.
kaylanepeters@hotmail.com
404-907-0798
0 votes Thank Flag Link Thu Apr 4, 2013
Hi Jordan0400,

You might want to check out the following website for more information on HUD: http://portal.hud.gov/hudportal/HUD?src=/program_offices/hou…

Regards,
Laura Fawcett
Metro Atlanta Realty Team
http://www.metroatlrealty.com
0 votes Thank Flag Link Thu Apr 4, 2013
A HUD home is a 1-to-4 unit residential property acquired by Housing and Urban Development as a result of a foreclosure action on an FHA-insured mortgage. HUD (i.e.the government) becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
0 votes Thank Flag Link Thu Apr 4, 2013
Somewhat over simplified but here is the basic explanation. FHA mortgages are administered by the US dept of Housing and urban Development. HUD. When a home owner with an FHA loan gets foreclosed it is then owned by HUD.

HUD homes are just one option available for purchase. Actually in recent months I think HUD homes have been overpriced but they sell because of buyer competition. I would look at all ;purchase options and not just HUD homes.
0 votes Thank Flag Link Thu Apr 4, 2013
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