Home Buying in 90042>Question Details

Denice, Other/Just Looking in Los Angeles, CA

what does HUD stand for?

Asked by Denice, Los Angeles, CA Thu Oct 8, 2009

Help the community by answering this question:


Directly it's an acronym for Housing and Urban Development, however, real estate agents usually are referring to the HUD-1 which is the final breakdown of settlement funds at the end of the transaction. You will need this for your taxes.

Great question!

Renee’ Kische
Keller Williams Hollywood Hills
8560 W. Sunset Blvd. #3
Facebook Fan Page: Access Hollywood Real Estate
Twitter: @bestLAliving
3 votes Thank Flag Link Mon Feb 7, 2011
Denice - depending on how it's used...

often when people are referring to "the" HUD, they're referring to the Real Estate and Settlement Paperwork Act (or RESPA) also known as a HUD-1.

this is the paperwork at the end of the closing that represents the settlement of the funds brought to a closing. A "who gets what" if you will.
3 votes Thank Flag Link Thu Oct 8, 2009
Alan May, Real Estate Pro in Evanston, IL
Housing and Urban Development. HUD's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. To fulfill this mission, HUD will embrace high standards of ethics, management and accountability and forge new partnerships--particularly with faith-based and community organizations--that leverage resources and improve HUD's ability to be effective on the community level.
Web Reference: http://www.clovelake.com
2 votes Thank Flag Link Sun Oct 11, 2009
For Home Buyers that means that the property has been foreclosed and HUD is now the owner. HUD homes have a couple of characteristics:
(See link below).

All HUD Homes are sold AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems.

There are some good deals...but buyer beware!
2 votes Thank Flag Link Thu Oct 8, 2009
But, what if this home is not a foreclosure? It is being sold to us via private owner/ estate of deceased person. And it has been paid for many years ago. Only original owner, who bought the home and property new in 1983, and both have passed on 2 years ago. it has been handed down to the grown adult children through inheritance, in which all 4 share an equal portion.
Flag Wed Jul 9, 2014
Keith Sorem, Real Estate Pro in Glendale, CA
The U.S. Department of Housing and Developement.
1 vote Thank Flag Link Wed Oct 14, 2009
Housing and Urban Development is what HUD stands for.


Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
(323) 899-2900
1 vote Thank Flag Link Thu Oct 8, 2009
1 vote Thank Flag Link Thu Oct 8, 2009
Housing and Urban Development
Web Reference: http://www.clovelake.com
1 vote Thank Flag Link Thu Oct 8, 2009
It is a big pain is what it is! Trying to refinance and over and over delay delay delay! Should close today still NO FINAL HUD? She keeps saying approval... I assume she means that it was all finished and proper. But still!
0 votes Thank Flag Link Tue Jul 7, 2015
HUD stands for Housing and Urban Developement. Purchase of HUD home is similar to an auction. You need to put a bid on the web with help of a real estate agent. HUD tends to pay only certain closing cost of the home purchaser and hence this is one of the crucial reasons why you require an experienced and expert real estate agent.
0 votes Thank Flag Link Tue Jun 18, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer