WHAT IS A HUD HOME?

What is a HUD Owned home? FHA the Federal Housing Administration, is a part of the U.S. Department of Housing and Urban Development (HUD), it provides federal mortgage insurance which ensures that mortgage lenders will be reimbursed in the event homebuyers default on there mortgage.

When a Lender foreclose on an FHA insured home, from the previous owner not paying the mortgage payments for one reason or another, the lender will file a claim with FHA for the balance due on the mortgage and convey title of the property to HUD. Leaving the property to be sold on an auction type website through Pemco. In order to place a bid for these Hud Homes you must be a Hud authorized agent.

If you have any question on how to qualify for Hud homes, please feel free to send me an email with your question to lward@apieceofgeorgia.com