HUD homes have become a very hot commodity in today’s housing market because of the opportunity for investment. The Department of Housing and Urban Development acquire these homes as a result of an FHA-insured mortgage being foreclosed. HUD then becomes the property owner and offers the sale of these homes to recover the loss on the foreclosure claim.
Millenials are beginning to take the most advantage of these programs as they enter the housing market because of the great deals and assistance they can receive with this program. Two such programs are the $100 dollar down program and the Good Neighbor program. For some qualified individuals you can put a down payment of $100 dollars on a house and work out the financing from there, which gives a great opportunity to people that do not have much cash on hand. The other program that is beneficial is the Good Neighbor progam, this program helps teachers, fire fighters, police, and emt individuals buy their home at 50 percent of the HUD value
HUD homes are discussed in our July 17 podcast of Nancy Brauns News Talk 1110 WBT show “How’s the Market: Real Estate. Real Answers.” In this episode Nancy and Wes Pruitt speak with a new millennial home buyer, Heather Hamilton, about her experience in buying her first home. Wes speaks about the down payment assistance program that many first time home buyers are starting to take advantage of. This investment opportunity is not only for first time buyers though many homeowners are using these HUD houses to generate more income as rental properties.
For more information you can visit the HUD website at Hudhomestore.com you can see a full inventory of local homes and others across the country. In fact when on this website if houses are listed for over 60 days they become discounted. To view available listings you can visit the website above or call our office at 704-997-3794.
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