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What do you mean by "HUD home"? If it is for sale, it is just a foreclosure.
If it is a HUD rental, you might be looking at a neighborhood that will go downhill fast. There are a few good HUD tenants (Section 8), but many of them are typical welfare recipients and behave like slum dwellers, no matter how nice the neighborhood.
If you are buying for yourself to live in, I suggest that you look for a neighborhood where the houses are owner occupied.
What do you mean by "HUD home"? If it is for sale, it is just a foreclosure.
It's for sale. I don't know if they are required by law to say "HUD home", or they just expect the buyer to find out anyway, or maybe "HUD home" means that certain low-income individuals qualify for government assistance if they buy it. I wish someone would explain it to me.
It's for sale. I don't know if they are required by law to say "HUD home", or they just expect the buyer to find out anyway, or maybe "HUD home" means that certain low-income individuals qualify for government assistance if they buy it. I wish someone would explain it to me.
this website is where HUD lists their properties for sale. you need a registered HUD agent to submit your bid, not every office has gone through the process in getting certified.
that website will reveal the amount HUD would like to receive for the property, the property condition report, whether the property is insurable for financing, and whether certain repairs will require an escrow to be set aside, depending on your financing.
HUD home means it is a 1-4 family house that had a HUD/FHA mortgage loan . It has been foreclosed upon by HUD for non payment of the mortgage.
That's all it means nothing- nothing else. They are first offered for sale to owner occupants for a period of time. If it doesn't sell, then it can be sold to owner occupants and investors.
You can purchase a HUD home using any kind of financing you like.
Who buys them ? - as with any other foreclosed home offered for sale - all kinds of people
OP- you seem to be seriously hung up on the words " HUD home" and seem to have some sort of block in your thinking equating HUD homes with poverty and undesirable occupants. No matter what anyone says , what examples you're given, your thought process keeps coming back to who is going to live in a HUD home.
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