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HUD Homes

HUD Homes: What Are They & Who Can Buy Them?

Fred Real Estate Group is proud to be HUD Certified!

What does this mean? Well, only those brokers who are HUD Certified are able to assist buyers in bidding on/purchasing a HUD Home. What exactly is a HUD Home, you may ask? Read on for answers!

WHAT IS A HUD HOME & WHY SHOULD I CONSIDER PURCHASING ONE?
A HUD home is a 1-to-4 unit residential property acquired by HUD (U.S. Department of Housing and Urban Development) 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 homes can be a very good deal! Upon HUD taking ownership of a foreclosed property, HUD then sells it at market value as quickly as possible.

WHO CAN BUY A HUD HOME?
Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

To learn more about HUD homes, the HUD website is a great source of information. Click here for common HUD homebuyer FAQs.

WHAT ABOUT FINANCING?
HUD does not provide direct financing to buyers of HUD Homes. Buyers must obtain financing through either their own cash reserves or a mortgage lender. If you have the necessary available cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. While HUD does not provide direct financing for the purchase of a HUD Home, it may be possible for you to qualify for an FHA-insured mortgage to finance the purchase.

To learn more about financing options for HUD homes based upon your specific situation, contact our lending partner Jess Kinna at Northwestern Loans.

HOW CAN I BUY A HUD HOME?
To make a bid on a HUD home, you will need to use a HUD-registered Selling Broker. Fred Real Estate Group is HUD Certified and can assist you in buying a HUD home in the State of Oregon. Contact Fred for more information!

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Ready to start your HUD home search?