What is a HUD home?
Have you ever heard the name, "HUD home"? The name actually stands for the department of 'Housing and Urban Development". They receive homes through a certain process stemming from FHA foreclosures and then put them back on market as HUD homes.
HUD homes can be a single family home up to a four unit building. Additionally, a HUD home can be priced anywhere from $1 up to $500,000! HUD homes are simply homes with a defaulted FHA loan. Since the government backs FHA loans, when a home owner defaults on a FHA loan, the foreclosure occurs and the home eventually gets put in the hands of HUD.
You'll find HUD homes that need a lot of rehab and HUD homes that need very little! Keep looking in this incredible market to find YOUR favorite gem, because many of these homes can be purchased with HUD's unique $100 down program! Really!
As an FYI, the HUD home buying process can be challenging to navigate so be sure to hook up with an agent that is experienced with these types of homes so you can be provided with expert guidance.