Business Law

HUD

Reese Hageman

Rasmussen College

Authors Note

This paper was written for Rick Barret for business law on 12/14/13

HUD is the U.S Department for Housing and Urban Development. HUD is a great program that is available to people in need which also meet a criteria. HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination, and transform the way HUD does business (HUD,2013). I found some information on buying HUD homes, and here is what I found.

The first question that might be asked is who can buy a HUD home. The answer to that according to (HUD, 2013) is almost anyone. There are a certain restrictions that apply, however if you have the cash or can qualify for a loan you are more than likely able to purchase a HUD home. The next question might be what is a HUD home? It is a 1-to-4 unit residential property that is acquired by HUD as a result of a foreclosure action on an FHA insured mortgage (HUD, 2013).

Where can you find out about HUD homes? The HUD homes can be found by signs identifying who is managing the property before it is listed for sale, naming that is was acquired by HUD FHA. During a period of time the property goes through an appraisal process, any title issues get resolution if it is deemed necessary to do so, and a determination of the property is examined to see if it has eligibility for HUD’s discount sales program. All of the homes available through HUD can be found on the HUD home store (HUD, 2013).

HUD is does not provide and financing help to people. If you want to purchase a HUD home you need to have your own cash reserves or be able to acquire a loan through the bank. However although HUD does...