You may have seen the signs on street corners and at neighborhood entrances announcing “HUD Home for Sale”. These rather “governmental” looking signs often stir up curiosity and in many cases concern in the community. With the tremendous volume of foreclosures in Gwinnett, these have been popping up everywhere! Because of that, many people have asked me to explain, so here you go.
Be not afraid of the HUD home. When people ask me “What is a HUD home?”, I often ask them what they think it is. The answer I get most is section 8, government subsodized, low income or similar. While I understand how people have come to think that, it is simply not true. Are you ready?? Here it is…straight from HUD.
“A HUD home is a one-to-four unit residence acquired as a result of a foreclosure on an FHA insured mortgage.” from HUDPEMCO Agent Guidebook
See? Nothing to fear. Hud homes can be found in any community which has had an FHA insured mortgage go “back to the bank” in this case, the Federal Government by way of HUD (US Department of Housing and Urban Development). In most Metro Atlanta counties, the FHA loan limit is $346,250.00. This means that Continue reading