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How does a house become a HUD Home and qualify for the GoodNeighborNextDoor (GNND) program?

April 26, 2017gnnd Home House HUD program qualify

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How does a house become a HUD Home and qualify for the GoodNeighborNextDoor (GNND) program?

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The Federal Housing Administration (FHA), which is a part of the Department of Housing and Urban Development (HUD), provides federal mortgage insurance which ensures that mortgage lenders will be reimbursed in the event homebuyers default on the mortgage. When a lender is forced to foreclose on an FHA-insured single family home, townhome, or condominium because the owner can no longer make payments, the Lender can file a claim with FHA for the balance due on the mortgage and convey title of the property to HUD. If that home is in a geographical area coded as a revitalization area, then it is placed on the GNND program.