Buying a foreclosed home can be a great way to save money, whether you’re purchasing your first home or looking to buy an investment property. The U.S. Department of Housing and Urban Development, or “HUD,” has homes available that you might want to consider.
HUD is a government agency responsible for administering programs related to America’s housing needs. One program HUD oversees is the FHA, which provides federal mortgage loan insurance.
Occasionally, a lender is forced to foreclose on a FHA-insured mortgage when the buyer can no longer make payments. If the lender files a claim to have HUD pay the balance due on the mortgage, HUD assumes ownership of the foreclosed property.
HUD wants to return these properties to private ownership as quickly as possible and to recover as much money as possible. To accomplish this, HUD relies on REALTORS® to provide the vital link between HUD and prospective home buyers.
To find a list of HUD homes for sale in your area, go to http://hudhomesusa.org or, better yet, contact your REALTOR® to get all the property information you’ll need.
