Good Deals in Hampton Roads!

Bank owned, REO, Foreclosure Homes in Virginia Beach,

Chesapeake, Norfolk and surrounding cities!

 

HUD Foreclosure? Save on a Home Now

The decision to purchase a home is one of the most important decisions in life. Purchasing a HUD foreclosure house can be an option that saves you money, but it may seem confusing because there are many steps involved. That’s why hiring an agent who knows the process is key! We will discuss how to save time and money by purchasing your next home through HUD Homes Real Estate.

Big Idea:

  • HUD Foreclosure Homes are a great way to get a good deal on a home

  • The process is challenging so you need a Realtor that is well versed in the process.

  • There are specific loans for HUD home buyers and specific mortgage lenders that offer the loans.

What is HUD?

Housing and Urban Development has been a federal agency for many decades and has a cabinet consisting of senior officials. HUD was established under Lyndon Johnson as part of his “Great Society” in 1965, a plan that was aimed at preventing poverty. The agency aims to solve the problems of low housing availability within the city. HUD is a nonprofit that specializes in developing and maintaining affordable homes. HUD has implemented various measures for achieving those objectives, such as:

  • Establishing the Department of Housing and Urban Development

  • Formulating housing policy

  • Providing financial assistance for construction and rehabilitation of housing projects

  • Fostering fair housing practices

HUD also oversees FHA (Federal Housing Administration) which is a part of HUD. FHA provides insurance on mortgages that are originated by approved lenders. This insurance protects the lender in case the borrower defaults on the loan, up to $625,000. In order to qualify for an FHA insured mortgage, borrowers must meet certain requirements such as: have a minimum credit score of 500, be able to make a down payment between three and five percent, and have a steady income. You can learn more about HUD Purchases Here

Below are ACTIVE listings in Virginia Beach, Chesapeake, Norfolk, etc that are foreclosures/REO homes at great prices!