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What About HUD Homes?
HUD is the Federal Government. It stands for the Department of Housing and Urban Development. FHA (Federal Housing Administration) is a part of HUD.
A HUD Home is a home that was originally purchased with an FHA-insured mortgage. Through the foreclosure process, the lender took back the home from its customer. Then FHA paid off the lender and thereby acquired the home. So HUD Homes are foreclosed homes but they are not bank-owned REO homes. Instead, they are owned and sold by HUD through a third-party management company and a real estate brokerage. MultiCultural Realty is registered with HUD to sell (help buyers purchase) HUD Homes.
Where Can You Find HUD Homes?
HUD Homes are listed on the MLS. They are also listed on the website of the regional management company. They are purchased through a bid process with very specific requirements. You can not buy a HUD Home directly from HUD. You have to work with a Registered Broker. MultiCultural Realty is registered with HUD to sell (help buyers purchase) HUD Homes.
For an Updated List of HUD Homes in the Twin Cities, Call or Email me.
Like the banks that own REO homes, HUD is wheeling and dealing on the homes they own. And like other foreclosed homes, HUD Homes need work. You’ll probably want to get an FHA 203(k) Streamlined mortgage if you’re going to buy a HUD Home.
Want More Info? HUD FAQs
Let's get together and discuss HUD Homes in more detail.
Call me or Email me so I can help you sort through your options.
Michael Harrell, Broker, Owner
Affordability Expert
email MultiCultural Realty
612-759-7629
MultiCulturalRealty.com
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