Pasadena Homes For Sale » hud foreclosure

What is FHA?

The Manzo Team — Sun, 26 Apr 2009 17:06:10 +0000

The Office of Housing provides vital public services through its nationally administered programs. It oversees the Federal Housing Administration (FHA), the largest mortgage insurer in the world, as well as regulates housing industry business.

The mission of the Office of Housing is to:

	Contribute to building and preserving healthy neighborhoods and communities;
	Maintain and expand homeownership, rental housing and healthcare opportunities;
	Stabilize credit markets in times of economic disruption;
	Operate with a high degree of public and fiscal accountability; and
	Recognize and value its customers, staff, constituents and partners.

Within the Office of Housing are three business areas:

Single Family Housing
HUD’s Single Family programs include mortgage insurance on loans to purchase new or existing homes, condominiums, manufactured housing, houses needing rehabilitation, and for reverse equity mortgages to elderly homeowners.

Multifamily Housing
HUD’s Multifamily programs provide mortgage insurance to HUD-approved lenders to facilitate the construction, substantial rehabilitation, purchase and refinancing of multifamily housing projects and healthcare facilities.

Regulatory Programs
HUD’s Regulatory programs are designed to assist homeowners, homebuyers, and regulate real estate transactions.

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Buying Hud Homes

The Manzo Team — Sun, 26 Apr 2009 16:55:30 +0000

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?
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.

How are HUD Homes sold?
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 a home on your behalf. HUD pays the real estate broker’s commission, if included in the contract.

Are there any special programs?
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.

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