The Office of Housing and Urban Development (HUD) offers mortgage assistance to low income and first time buyers. This assistance is called FHA mortgage insurance and ensures that a mortgage will be paid if the buyer defaults on the loan. A HUD home is a residential property that was acquired by the Office of Housing and Urban Development (HUD) when an owner foreclosed on a mortgage covered by FHA mortgage insurance. Finding out how to buy HUD foreclosures can help you get a home at a lower in price than other similar homes in the area.
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