What is the HUD Home Store?
The HUD Home Store is a Government website operated by HUD ( The Department of Housing and Home Development) that lists all HUD homes for sale. The HUDhomestore website is where you go to locate and bid on HUD properties.
What is a HUD home?
A HUD home is a home that was foreclosed on by a borrower who had an FHA loan. When an FHA loan is foreclosed on, HUD becomes the new owner and the house is listed for sale at Hudhomestore.com. HUD foreclosures can be a great bargain.
HUD prefers to sell their homes to owner-occupied borrowers. An owner-occupied borrower is someone who intends to live in the home as their primary residence. Initially HUD homes are only available to owner occupied borrowers, if it does not sell after a period of time, it is offered to anyone, including investors.
Who can qualify for HUD foreclosures?
Anyone can buy a HUD home as long as they are able to get approved for a mortgage and haven’t bought a HUD home in the last 2 years.
How to apply for HUD foreclosures?
FHA loans are the most common type of loan product used to purchase a HUD foreclosed home. You should compare multiple lenders to make sure you get the lowest rate. FHA loans are the most popular type of loan used to buy HUD properties.
What are the requirements for an FHA loan?
Minimum 580 credit score
3.5% down payment
Solid employment history
Proof of income
How do I search for a property on the Hud home store site?
When you go to the Hudhomestore website you will see a map of the U.S. Just click on your state, then you can type in an address, or you can search by price, beds, baths, etc. You are required to sign up for an account on the HUD homestore website. You will be able to set up alerts and save searches.
I found a house on the HUD homestore website, how can I go look at it?
You will need a real estate agent when looking to purchase a property off the HUD homestore site. If you do not have a realtor we can refer you to a local agent to assist you. If you want to look at a home you found on the Hudhomestore website your agent can set up a time to show it to you.
How do I place a bid on a property on the hud home store site?
You will not be able to place a bid yourself. Your real estate agent is able to place a bid for you online.
Am I able to get extra money for repairs?
Yes, if you get an FHA 203k streamline loan you can purchase the home plus get up to $35,000 in cash to make minor repairs or renovations.
Can I buy a home on the HUD home store website if I’m an investor?
Yes. However, HUD properties are originally offered to owner occupants. After a period of time the property will be available for investors to bid on.
Do I have to register on the HUDhomestore website to place a bid?
No. Your real estate agent will be placing your bid on your behalf. Only your real estate agent needs to register to bid on the hudhomestore site.
Are there any special HUD buyers programs?
Yes. HUD has three different types of programs available.
One Dollar Home Program – This program is for local Governments who wish to purchase properties and offer them to low-Income families in their community. This program is available on HUD homes that are priced up to $25,000 and have been on the market for over 180 days. Click here for more information
Good Neighbor Next Door – This HUD program offers 50% off the price listed on the HUD homestore website for officers of the Law, teachers, EMT’s and Firefighters. The buyer must live in the property for a period of at least 36 months. You can get more information on the Good Neighbor Next Door website.
NonProfit Program – The nonprofit program is offered by the FHA to faith based organizations, like churches. The program offers a 30% discount on homes listed on the HUDhomestore to resell to low income and first time buyers. For more information click here