What is HUD Housing?
In the United States, the Department of Housing and Urban Development (HUD) is responsible for enforcing the Fair Housing Act of 1968, along with supporting community development, increasing home ownership, and fighting housing discrimination. As part of HUD’s mission, the agency provides low income housing to people in need in a number of ways including public HUD housing, rent subsidies, and grants to private agencies which intend to provide low-income housing. HUD housing is eligible for individuals with incomes below a certain level, and is part of the wide network of social services provided by the United States government to support people in need. A common form of HUD housing is a publicly operated housing development. The development is owned by the government, and often focuses on a specific group of people such as single mothers, recovering drug addicts, disabled people, or formerly homeless individuals. Public housing is accompanied by a stigma in some parts of the United St
HUD – Housing of Urban Development. FHA – Fair Housing Administration In the real estate industry, when you mention HUD, you are referring to a home that was purchased with an FHA loan. The owners defaulted on the loan, and FHA repossess the home. When the home is put back on the market, it is referred to as a HUD home. HUD housing can be purchased by anyone who meets the guidelines and can qualify for an appropriate loan. When investigating a HUD purchase, make sure you find a loan office with experience. Make sure you also find a Realtor who has done at least 5 HUD bids. HUD bids are not necessarily difficult, but you have to use a Realtor who is authorized to place HUD bids. If the agent hasn’t had much experience, the process can be time confusing and frustrating. Good Luck.
