HUD homes come in every size, shape and floorplan. You can choose from HUD single-family homes, condominiums, townhomes or 2-4 unit properties located in many communities throughout the country. A real estate broker will have a complete listing.

HUD Homes are put up for sale when a mortgage lender forecloses on a mortgage insured by FHA (Federal Housing Administration-one of HUD's programs). The lender applies to HUD to pay the balance due on the mortgage. HUD then takes title to the property, and offers it to the public at fair market value.

• Many HUD homes require only a 3% down payment through FHA financing instead of the usual 5-10%.
• HUD may pay closing costs charged by your mortgage company for providing your loan. HUD itself doesn't offer financing.
• HUD will pay your real estate broker's commission -- up to 6% of the sales price.
• HUD homes are sold in "as is" condition without warranty, and usually priced below market value to compensate. These are great opportunities for the handymen and for investors as rental properties or to flip once it's been updated.

All in all, a HUD home could be your smartest move, whether you're a single person, a first-time buyer with a family on the way, or a homeowner whose children are grown and gone. HUD can open the door to the home you want at the price you can afford.
 
 

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