Keyword Analysis & Research: hud houses ct

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Frequently Asked Questions

What is the difference between a HUD home and a foreclosure?

HUD and Foreclosure haven't any similarity, HUD (Department of Housing and Urban Development), promotes home ownership among families, and Foreclosure is a legal process, in which a lender’s attempt to recover a due-loan amount from the borrower.

Can I rent out my HUD home?

BEST ANSWER. An owner occupant must live in a HUD home for at least one year before they can sell or rent the home. HUD does allow an owner occupant 60 days to repair a home before they move into the home, but they still must occupy the home for at least a year after they move into the house.

Can a HUD home be financed through FHA?

When a house that has an FHA-insured mortgage goes into foreclosure, it is known as a "HUD home" because HUD, rather than a bank, takes title to the property. It is not necessary for a buyer to get FHA financing to buy a HUD home. HUD doesn't care where the money to buy the house comes from - they just want to sell it.

What is a HUD Repo home?

A "HUD repo," or repossession, is a property that the Department of Housing and Urban Development foreclosed on and then attempts to sell. A borrower's default on an FHA-insured loan generated the foreclosure. While there are some unique twists, you generally go about securing a HUD home the way you do any other.

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