What I Need To Know About HUD Homes
HUD homes for sale are the most sought after investment a home buyer or investor can find. Before the agent submits your offer, the agent will require a pre-approval letter from a lender attesting to the likelihood of receiving a mortgage if you are financing the house. However, HUD doesn’t provide direct financing for HUD homes. If you’re ready to shop for real estate owned properties for sale, explore the real estate owned listings from Bank of America.
HUD homes are properties owned by the U.S. Department of Housing and Urban Development. A HUD home is a one to four single family home, condo or townhouse that has been obtained by the government due to defaulting on an FHA loan. And the reason why HUD homes are different than other foreclosures is this: Someone has a HUD insured mortgage and can’t meet the payments and the lender forecloses on the …