The Federal Housing Administration (FHA) is the organization of the U.S. Department of Housing and Urban Development (HUD) that insures certain mortgage loans for lenders. Because state governments usually implement the federal housing regulations, HUD recommends that you contact your state housing finance agency for help with these types of questions. HUD cannot take possession unless there is a foreclosure auction or the owner signs over the house as a deed in lieu.
I am also interested in learning more about HUD + foreclosed homes but primarily focusing on multi families. I am not set on New Orleans market either, I will be moving eventually-I just want to understand that HUD homes so if I move to another market I can begin looking at that markets HUD homes.
The FHA is part of the Department of Housing and Urban Development (HUD) and also offers HUD homes to purchase. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Owner Occupant buyers are individuals with a valid Social Security Number (SSN) who have not purchased a HUD property within the past two years as an owner occupant.
If you’ve bought a HUD Home before, share your experience with us. And if you have any questions, just leave a comment or send me an email. HUD homes are also inspected, initial property maintenance steps are then followed (safety guidelines) and the property is then evaluated to see if the qualifies for the HUD discount sale program.
If an owner occupant cancels their contract, HUD will move on to any backup offers in their system that are an acceptable price before they put the home back on the market. A HUD home is currently owned by the United States Department of Housing and Urban Development.