There are many different types of homes which can be purchased on the general market today. The United States Department of Housing and Urban Development is a federal agency developed for the purpose of managing federal housing and related issues. Within this encompassing federal department is the Federal Housing Authority which further carries out the goals of HUD. There are certain properties known as HUD-FHA properties and these will be discussed in detail as well as the process for buying these homes.
What HUD-FHA Does With Regard to Property Purchases
In order for a home to be a HUD-FHA home, it has to be owned by the federal agencies. They obtain the initial property in the following manner. Individuals can apply for a HUD-backed loan through their individual lender. From that point onward, HUD vouches for the repayment of the loan and will repay the lender should the borrower fail to do so. In the event that the homeowner fails to pay their mortgage and a foreclosure is instituted, HUD will repossess the property, pay off the lender any amount currently due and then take full ownership of the property. From this point onward, the property belongs to...
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