The Acronym of HUD is Housing and Urban Development. So, What is a HUD Home? Most of us opt for a home loan while purchasing a property. But while availing of a home loan the borrower must keep the property mortgaged. The property is mortgaged till the loans are paid off. A financial institution keeps the property mortgaged to secure itself from any damages. If the borrower fails to pay the loan the financial institution has the right to seize the property and sell it off. The property seized is called foreclosure property. The Foreclosure properties owned by the Government are known as HUD. This is what does HUD home mean.
Get home loans at the lowest interest rate of 6.5% and avoid hefty paperwork!What is a HUD home and who qualifies?
Generally, there are two important eligibility criteria to buy HUD homes.
You need to live in a home for a minimum period of 12 months after purchasing a HUD home.
You cannot purchase a HUD property in the last 24 months.
Investors cannot buy HUD homes unless they accept the residential offer. The HUD homes are generally meant for owner occupants.
You can find HUD homes online. There are plenty of websites available that sell HUD homes. But you should always check if the property has any legal discrepancies before purchasing a HUD home. I hope you have learned by now What is a HUD Home. I hope you find my answer informative.
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What is a HUD Home?
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2022-06-24T10:43:46+00:00 2022-06-24T10:43:47+00:00Comment
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