HUD Home Buying Resources
If you are interested in buying a HUD home there are a great many resources available that you can make use of to guide you through every step of the process, from getting prequalified for financing to closing on a HUD home. In addition, talking to a real estate agent or real estate broker who is a registered HUD sales agent can be a great source of information, advice and support as well.
Here are some great resources you can use to get you started on the road to HUD homeownership:
www.hudhomestore.com – This is the site that is the official offer site used to place bids on HUD homes. It also offers however a lot of very useful and up to date information about homeownership in general as well as financing and information about special programs that may be available to you locally.
www.homepath.com – This site is offered as a resource for prospective HUD home buyers by Fannie Mae and offers a great deal of information about special financing options for people from all over the country and from all income brackets. www.homesteps.com is a similar site offered by Freddie Mac.
Local Agencies – Local agencies can help you find any local initiatives that you might be qualified for to help you purchase a HUD home. You can find a list of them here.
FHA 203K Financing – This program is offered by HUD to provide financing for the repair and revitalization of damaged HUD homes. The program is offered because repairing these homes benefits the entire community, one of HUD's main goals.
Good Neighbor Next Door Program – This is a community enhancement program open to law enforcement officers, fire fighters, emergency medical personnel and teachers who teach Pre K through 12th Grade. It offers a very substantial 50% discount off the “list price” of a HUD Home in return for a commitment From the buyer that they will use it as their primary residence for at least 36 months. You can learn more about the program here .
Other HUD Sales Incentives – There are a number of other HUD sales incentives designed to make homeownership more affordable. They do differ from state to state but they include:
*Sales allowances that can help pay for closing costs or make needed repairs to a purchased property.
**Very small $100 down payments if a home is being purchased with FHA insured financing.
***Special incentives for brokers to market HUD homes to owner occupiers.