Are you looking for a new place to live? Is the process of looking for a home too stressful for you? That’s understandable, and you are not the only person that finds it difficult. There are federal resources that allow people to look for homes without the hassle. You can be one of those people too and you can find your new home in no time! If you’re wondering about these federal resources, the best one to start with would be the HUD Home Store.

This website offers foreclosed homes through the Department of Housing and Urban Development (HUD). Other homes you can find are homes from the Dollar Program and the Good Neighbor Next Door (GNND) program. We’re going to tell you all about these kinds of homes in the HUD Home Store and their unique features. Let’s help you out with finding your next home!

How To Find Homes On The HUD Home Store

With the HUD Home Store, there are several ways for you to look into available properties. You will find a map on the website where you can click on a state you want to explore. Another option would be choosing one of the “HUD Special Programs” to find available properties that belong to the programs. The final option would be entering features about the property you are looking for in the search engine on the website.

What Kinds of Homes Does The HUD Home Store List?

All of the real-estate-owned (REO) properties from the HUD Store have to go through an assessment that determines if the properties can be sold to the local government or nonprofit organizations approved by the FHA. This website is very useful to the public, local/state governments, and brokers to explore available housing. If the properties do not qualify for federal programs, the HUD Home Store offers the home based on need. Any remaining properties can go to buyers who want to buy a house. To know more about the priority basis, you should know that people who want to buy a home to live in as their main residence get priority before anyone else.

If you need some guidance when it comes to the home-buying process, then you can use the HUD Home Store. Aside from helping you find HUD homes that are available for purchase, the HUD Home Store offers the option for credible real estate brokers and other organizations to bid on available properties.

HUD Homes That Went Through Foreclosure

These kinds of homes are available in their current condition and the HUD isn’t responsible for fixing or maintaining the property. Homes that went through foreclosure can be available from 1 unit to 4 units and it is up to you to fix it! That’s one of the conditions that come with foreclosed homes. Furthermore, the HUD has an agency called the Federal Housing Administration (FHA) that protects lenders from potential financial losses by insuring mortgages. Only homes that reach foreclosure from an FHA-insured mortgage are up for sale in the HUD Home Store. If you want to buy these kinds of homes, you should contact a real estate broker that’s registered with the HUD. Typically, the HUD takes over the home after foreclosure and resells the home to recover financial losses. That’s how they are up for sale and available for you to buy! If you are looking to purchase a home from the HUD Home Store, then you will have to do so through a broker that is registered with HUD.

The Dollar Home Program

The HUD Home Store offers available properties from the Dollar Home Program for local governments to consider. These properties come with eligibility requirements, which are as follows:

• Remaining on the housing market for a minimum of six months
• Having a market value no greater than $25,000

Local governments can offer these affordable homes to those who need them after repairing the damages to the property. The local government buys these homes for $1 from the HUD. Furthermore, local governments can participate in local housing programs that aim to resell properties to people in the community.

Good Neighbor Next Door (GNND) Program

The best thing about this program is that it reduces the purchase price of a property by 50%. However, the GNND program has strict regulations when it comes to the properties, the home-buying process, and even the people who can buy the homes. The property requirements are:

• Qualifying individuals need to remain at the property for at least three years as their main home
• The property’s location needs to be in a revitalized area

As for the home-buying process, recipients must sign a note for the discount and a second mortgage.

Now, who can receive these homes and qualify for these properties? The GNND program offers properties to people that work a specific position, such as law enforcement officers, firefighters, teachers of pre-k to 12th grade, and Emergency Medical Technicians (EMTs). However, each profession has its own set of requirements. As we said, the program is pretty strict when it comes to choosing people, properties, and the actual process!

You should know that the available properties change every week and are only available to buy for a week. Sometimes, several people express their interest in a certain home. When this happens, the program decides who gets the home through a lottery. If you are interested in the GNND program, then you can check out the HUD Home Store. Make sure you do it quickly, though! As we said above, properties change faster than you think!

Overall

They say that home is where the heart is, but what if you can’t find your home? There are a few ways for you to find your next home! It doesn’t have to be all paperwork and stress. Some resources can make the home-buying process easier for you, such as the HUD Home Store. It serves as a guide for the home-buying process and helps you find properties up for sale. Additionally, it offers brokers the chance to bid on the properties on your behalf.

Take some time to do your research and practice a little patience! You can always consider asking a real estate broker for help in the home-buying process. The HUD can offer you the information you need, but the broker will be able to help throughout the actual process!