What is a HUD Home?

• One(1) to Four(4) Unit Single Family Residence Acquired as a result of a Foreclosure on an FHA Insured Mortgage
• Offered for Sale at Fair Market Value based on a Recent Appraisal
• SOLD "AS IS"
• HUD's goal is to promote home ownership for Owner Occupants

Who Can Buy A HUD Home?

"ANYONE"

Here is a list of the different Listing Codes for HUD Homes:

IN (Insurable) - Eligible for FHA financing.

EI (Insurable with Escrow Repairs) - Certain repairs not to exceed $5,000 are required to meet Minimum Property Standards for an FHA mortgage. These properties can qualify for FHA Section 203(b) mortgages if the purchaser and lender establish a repair escrow at the closing for the completion of repairs within 90-days of closing.

UI (Uninsured) - Certain repairs and/or improvements are required to be eligible for an FHA 203(k) mortgage. The required repairs on most of these properties exceed $5,000. Purchasers of these properties have the option to purchase "AS-IS" with cash or conventional financing. These properties are also eligible for an FHA 203(k) mortgage if the required repairs and/or improvements are completed within 90-days of the closing.

Search for all HUD Homes on HUDHomeStore.com