What
is a HUD Home?
A HUD
home is a 1-to-4 unit residential property acquired by HUD as a
result of a foreclosure action on an FHA-insured
mortgage. HUD becomes the property owner and offers it for sale
to recover the loss on the foreclosure claim.
HUD
Announces Launch of HUD Home Store
HUD
Home Store is the listing site for HUD real estate owned (REO)
single-family properties. This new site provides the public, brokers,
state and local governments and nonprofit organizations a centralized
location to search the inventory of HUD properties for sale. In
addition, registered real estate brokers and other approved organizations
can place bids on behalf of their clients to purchase a HUD property.
HUD Home
Store also includes many informative user-friendly features
providing advice and guidance for consumers on the home buying process.
FAQs are available online for:
The
following links and web pages provide information about the process
through which HUD homes can be purchased and resold. Additional
links provided in the menu to the right provide access to FHA program
and policy information for homeowners, homebuyers, and members of
the mortgage lending and real estate industries.
HUD
Announces FHA "First Look" Sales Method for Eligible NSP
Purchasers (July 2010)
HUD
Secretary Shaun Donovan announced a new Departmental initiative
that gives state and local governments and nonprofit organizations
participating in HUD's Neighborhood Stabilization Program (NSP)
preference to acquire homes from the Department's inventory of foreclosed
properties (with the exception of Asset
Control Area/ACA properties), commonly known as "HUD Homes."
Details of the FHA First Look Sales Method have been published as
a Notice
in the Federal Register.