The U.S. Department of Housing and Urban Development (HUD) was created in 1965. When homes that are FHA (Federal Housing Authority) insured fall into foreclosure, the FHA pays off the lender and the homes become the possession of HUD.
HUD takes possession of these homes and offers them at affordable prices to citizens. HUD doesn’t provide financing to buyers so you will need to secure a mortgage loan to purchase the home. However, it is possible that you could qualify for an FHA mortgage to finance the purchase.
The FHA does have a program, Good Neighbor Incentives, aimed at rebuilding and revitalizing communities where they offer discounted prices on homes to nurses, paramedics, police, teachers and other service oriented careers. These homes are in areas within the community that are going through a revitalizing program. The point of the program is to draw good neighbors into the community by offering substantial savings on the homes.
Anyone can purchase a HUD home if you have the available cash or financing. The HUD homes are listed in The HUD Home Store.
For more information about HUD home programs call Midland Mortgage at 803.765.1680 or toll–free at 800.854.9484.