I recently became a registered HUD agent, allowing me to show and sell HUD homes. Having been in real estate for over a decade I had heard the term HUD homes, but did not really know much about them, how they came into HUD’s inventory, how they were sold and the numerous benefits to homebuyers when purchasing a HUD home. When HUD training came to the Miami area I jumped at the chance to learn as much as I could, and the intention of this blog is to share that information with you!
WHAT IS A HUD HOME?
A home with an FHA loan that has been foreclosed on is resold by the U.S. Department of Housing and Urban Development (HUD).
HUD’s mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination.
SOME BENEFITS OF BUYING A HUD HOME:
Today, an owner occupant using FHA financing can purchase a HUD home for only $100.00 down payment.
HUD has announced $1,000 sales incentive to owner occupant buyers who go under contract within 30 days of the initial list date and close within 30 days of contract execution.
HUD will pay up to 3% of the purchase price towards closing costs for any type of buyer including owner occupant or investor.
All HUD homes have had an FHA appraisal and property condition report and termite inspection performed on them prior to listing.
HUD homes are not just single-family homes; they can also be multi family homes (1-4 units), condominiums, townhomes and manufactured homes.
HOW CAN YOU BUY A HUD HOME?
You can only purchase a HUD home by going through a HUD approved licensed real estate Broker or an agent employed by a registered Broker.
Anyone can purchase a HUD home, all available HUD Homes can be reviewed on a free, public access website. HUD’s official listing site for its properties in Florida is www.NHMSI.com. Any buyer that can secure a loan to purchase real estate, or can pay cash, is eligible to purchase a HUD home. Buyers must also have a prequalification letter from a direct lender or proof of cash funds in the amount or, or greater than, the property they are purchasing prior to submitting a bid. 
It would be my pleasure to work with you in the home buying process.
To see all of the current HUD homes please visit: www.NHMSI.com and to see other homes for sale including foreclosures please visit: www.NewSouthFloridaListings.com.
Ellen M Bithell, CRS, CREO, SSS (Short Sale Specialist)
SELLING SOUTH FLORIDA