According to HUD, their mission is to “create strong, sustainable and inclusive communities and quality affordable housing for all …” Any 1- to 4-unit residential property that is in foreclosure and has a mortgage insured by the Federal Housing Administration ( FHA) is considered a HUD home.
HUD homes are sold “as is” and are priced fairly in the market for their location. Buyers must use a real estate agent to bid on HUD homes and must follow HUD’s specific bidding rules when bidding.
HUD has several programs to help distressed homeowners and buyers. These programs include:
Emergency Homeowner Loan Program (EHLP). The EHLP is a new program that has $ 1 billion in funds available, is available in 32 states (and Puerto Rico), and is expected to provide much-needed mortgage relief for many homeowners who are unemployed or seriously ill for up to 24 months. Follow the EHLP link for a list of applicable EHLP rules, states authorized to participate, and to determine eligibility.
The Neighbor Next Door program. This program provides an opportunity for EMTs, firefighters, law enforcement officers, and teachers to purchase homes at a 50% discount.
Nonprofit organizations. Discounts of up to 30% are available through the FHA for faith-based nonprofit and community organizations.
Dollar houses. Yes, a dollar! The FHA offers these properties to low to moderate income families.
Not all Realtors® or Realtors are licensed to help with US Housing and Urban Development (HUD) housing.
As a HUD Approved Realtor® in the State of Georgia, and specifically serving the communities in Houston County, I am available and qualified to assist you with your HUD housing needs.
