A HUD Home is an FHA insured mortgage that has gone into default, meaning the bank has foreclosed on the property. Once this happens the lender submits the FHA insurance claim and conveys ownership of the property to the Department of Housing and Urban Development (HUD). HUD will then sell the home through their Asset Manager (AM), BLB Resources.
A HUD Home can be a Single Family Residence (SFR), Townhome, Condominium or any other type of residence up to 4 unit.
Who can buy a HUD Home?
Note: Priority is given to Owner Occupants!
What is an Owner Occupant?
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