HUD homes are FHA insured mortgage loans that go into foreclosure. HUD homes are not low-end housing. The homes that qualify for a FHA 203K Mortgage need to be at least one year old and the cost of the needed repairs used be at least $5,000, but that no longer apply. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year.
The HUD was set up to provide first time buyers (especially people in the low to moderate income groups) …