HUD Stands for Department of Housing and Urban Development of the Federal Government
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.
The following information is provided as an introduction to the process through which HUD homes can be purchased.
In order to view a HUD home or to place an offer you will need to use a real estate agent. HUD homes are listed on the multiple listing service. The first 30 days that a HUD home is listed on the MLS it can be purchased by “owner occupants, non profits and first responders” and if it is not purchased during those first 30 days it is opened up to investors. The fine for claiming to be an owner occupant if you are really an investor is $250,000.00.
To view all HUD properties available for sale in Louisiana state, please visit: www.HUDHOMESTORE.com
Good Neighbor Next Door
Buying a home through HUD’s Good Neighbor Next Door initiative is designed to encourage renewal of revitalization areas by providing an opportunity for law enforcement officers, firefighters, emergency medical technicians and teachers to purchase homes in these communities. HUD provides a substantial incentive in the form of a 50% discount off the list price of eligible properties.
The Federal Housing Administration (FHA) offers community and faith based nonprofit organizations the opportunity to purchase HUD homes at discounts up to 30%. With this discount, local nonprofit organizations invest in their communities through property rehabilitation and resell to first-time homebuyers and low to moderate income families.
You can go to my property search above and search a location and price which will include HUD homes or you can go to the HUD site and search just HUD homes.
Content from HUD.gov : As a rule, all content – including written materials and graphics – on HUD’s Internet websites is in the public domain. Anyone can use or link to any material written or created for HUD’s Internet websites.