WHAT IS A HUD HOME?
When someone who has financed the purchase of a home with an FHA-insured mortgage
and can no longer make their monthly mortgage payments, the lender (US GOVERNMENT)
forecloses on the property and HUD then takes ownership of these homes. These homes
are then offered for sale at market value based on the HUD’s Appraised value.

WHO CAN BUY A HUD PROPERTY?
Anyone who will be an owner-occupant (individuals who will make the home their primary
residence) and have the cash or able to qualify for a loan (In some cases there may be
restrictions) can buy a HUD property. After the initial period for owner occupant purchasers,
if these properties are not sold they are made available to all buyers, including investors.

HOW ARE THESE PROPERTIES SOLD?
HUD hires a management company and a Broad Listing Broker who work with the managing
Agency to provide these homes to the public. The managing Agency for HUD properties
in New York, New Jersey and Florida is National Home Management Solution. HUD Registered
real estate brokers are the only ones who can submit an offer and write a contract
to purchase on the buyer’s behalf. HUD pays the real estate broker a commission, which is
derived from the bid amount therefore when placing an offer buyers need to also consider
broker’s commission factored into the transaction.

Find local listing . Find a HUD Registered Agent.

Are there any special programs for Public Service Workers?
HUD provides properties in revitalization areas that are available at a reduced purchase
price. These homes are offered to teachers, emergency medical technicians, firefighters,
nonprofits, local governments and police officers. Revitalization areas are HUD-designated
neighborhoods in need of economic and community development and where there is already
a strong commitment by the local governments to redevelop these communities.
Revitalization Areas are the basis for HUD programs such as the Good Neighbor Next Door
Program (which includes Officer Next Door and Teacher Next Door) and the Direct Sales
Program for Nonprofit agencies and Municipalities.
There are hundreds of revitalization areas throughout the State. HUD is always working
with localities to designate new areas. For information on Revitalization Area Evaluation
Criteria, please visit www.hud.gov