What is HUD?
HUD is the acronym used for the United States Department of Housing and Urban Development. Their goal is to provide a suitable living environment for all Americans by developing and improving housing across the country and enforcing fair housing laws.
Have you noticed “HUD approved” disclaimers on certain home listings? This means HUD acquired the home after the property was foreclosed on an FHA loan. The home is put up for sale as a “HUD Home” to help recoup some of the losses. Anyone with the required cash and who qualify for a mortgage loan is eligible to buy one of these properties.
Wondering how the FHA and HUD work together? FHA became part of HUD’s Office of Housing in 1965 providing low to middle income families the loan programs they needed to become successful homeowners. Today, these two departments work closely together to continue providing programs and funding for families across America to ensure homeownership is accessible to all.
When exploring the housing market, you will often see references to HUD. They work diligently to ensure no one is being discriminated against when it comes to purchasing a home or having loan programs made available to different economic statuses. Interested in purchasing a HUD approved property? Check out their website
for the latest home listings. And be sure to talk to your mortgage and housing expert for more information on qualifying for these homes.