What's HUD and what's its function

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• Whats HUD Whats Its Function?
• Learn about HUD, how it functions, HUD homes.

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What Are HUD Homes?

• A HUD home is a residence backed by a
• (FHA) Federal Housing Administration-
• insured mortgage that has ended in
• foreclosure.
• Once HUD steps in and acquires the
• property, they then put it up for sale.
• Anyone may purchase a HUD home
• as long as they can pay for it in cash
• or secure a loan.

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Whats HUD?

• HUD stands for the United States
• Department of Housing and Urban
• Development.
• HUD oversees lending companies
• to make sure first time homebuyers
• minorities are able to afford cheap
• homes.

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What is HUD?

• HUD works with other organizations
• like the (FHA) Federal Housing Authority,
• Fannie Mae, Freddie Mac, who
• issue subsidies for public housing
• home loans for the purchase of HUD
• homes.
• HUD Offers stability and growth to urban
• communities.

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Brief History of HUD

• The Federal Housing Administration
• (FHA) was created under the National
• Housing Act of 1934.
• The National Housing Act of 1934 was
• passed to make mortgages and housing
• more affordable in the U.S. under The
• New Deal

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Brief History of HUD

• The United States Housing Authority
• (USHA) was created by the U.S. Congress,
• making 500,000,000 available for loans
• for families with low incomes.
• The Housing Act of 1937 was passed,
• eradicating substandard housing
• allowing the government to pay subsidies
• for low-income families.

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Brief History of HUD

• President Truman enacted The
• Housing Act of 1949, increasing
• authorization for the FHA, providing
• federal funding for many more public
• housing units, urban renewal projects
• in U.S. cities, funding for rural
• homeowners.
• In 1965, three organizations merged
• into one to become what we now
• know as HUD.

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HUDs Functions

• HUD is responsible for creating and enforcing
  programs and policies that help Americans with
  low incomes obtain affordable, safe, decent,
  livable housing.
• The Dept. of Housing and Urban Development (HUD)
  provides numerous functions services to ensure
  fair equitable lending practices, especially in
  urban areas.

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HUDs Functions

• HUD helps individuals and families
• secure safe, decent housing at
• affordable rates.
• HUD helps low-income individuals
• families purchase their own, cheap
• homes with as little as 100 down.

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HUDs Grants Programs

• HUD awards competitive home
• improvement, safety, community
• development grants.
• Some grant categories include
• Chronic Homelessness
• Community Development
• Housing-related Health Hazards

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Foreclosed Homes

• Homes go into foreclosure when the
• home owner defaults on their mortgage
• loan they are unable to keep up with the
• payments.
• The home owner may be severely
• behind on their mortgage payments
• or completely unable to make payments
• due to job loss, illness, death, or some
• other unfortunate event.

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Buying A Foreclosed Home

• Buying foreclosed homes is the best way to
  purchase a home well below its market value.
• Getting into a foreclosed home can save the buyer
  tens of thousands of dollars.

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Buying A Foreclosed Home

• With the current state of the foreclosure crisis
  in the U.S., finding a foreclosed home to buy is
  not at all difficult to do.
• Homes that are in foreclosure and up for sale is
  public information that may be obtained at the
  county clerks office, the local newspaper, or
  even via the Internet.

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Buying A Foreclosed Home

• A foreclosed home may be in excellent
• condition or it may need some work
• done to rehab it and bring it up to code.
• The laws affecting foreclosed homes
• vary from state-to-state.

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Buying A Foreclosed Home

• Buying a foreclosed home is
• a great way to become a home owner,
• for first time buyers, low-income families,
• or an individual who wants to purchase
• a cheap home.
• Make sure, when buying a foreclosed
• home, that you are not required to
• catch up on any payments owed by
• the previous owner.

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Government Foreclosures

• Government foreclosures are
• another excellent option when
• seeking cheap homes for sale.
• These properties are sold to the
• public and have been foreclosed
• by government agencies.

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Government Foreclosures

• Government foreclosures occur
• when the government seizes a
• property.
• These properties often go up for
• sale at auction to the highest bidder.

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Government Foreclosures

• Homes that are in government foreclosure
• may be purchased at a much lower cost
• than their appraised value, so the buyer
• saves money.
• Government foreclosure properties are
• often available for purchase at government
• auctions.
• These homes usually sell quickly.

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Lets Review

• HUD guarantees fair equitable lending
• for Americans with low incomes minority
• populations.
• Stability, growth development of urban
• centers is a main goal of HUD.
• HUD oversees the major lending
• companies, making sure first time
• homebuyers can afford cheap homes that
• are decent, safe, livable.

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