About Buying HUD HomesFor an appt. or more information on any of these homes...call 252-355-7800 |
What is a HUD Home?
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.
Who
can buy a HUD Home? How are HUD Homes sold? Are there any special programs? Should
I get a home inspection? What about financing?
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.
All properties available for purchase by the public are offered
for sale at Internet listing sites
maintained by management companies under contract to HUD. Any real
estate broker registered with HUD may submit an offer and contract
to purchase on your behalf. HUD pays the real estate broker's commission,
if included in the contract.
Properties in designated areas are available at a reduced sales
price to law enforcement officers, teachers, firefighters, emergency
medical technicians, nonprofits and local governments. Read more
about these Good Neighbor
Initiatives.
We encourage you to get an inspection after your offer is accepted.
All HUD Homes are sold AS-IS, without warranty. HUD will not make
repairs nor pay to correct any problems.
Although HUD does not offer financing directly, some of our homes
qualify for FHA-insured loans. Shop around for a lender to find
the best loan terms. Find out how an FHA
loan can help you.