| Just about everyone knows that foreclosures offer an | | | | borrow money from banks that is insured by the FHA |
| opportunity to pick up properties at discount prices. It's | | | | but when these people fail to remain current on their |
| also common knowledge that banks have a number | | | | payments and default on their loans the homes will |
| of foreclosed properties that they need to get rid of | | | | eventually be repossessed by the Department of |
| but banks are not the only institutions with an inventory | | | | Housing and Urban Development which then sells the |
| of unwanted real estate. There are a number of | | | | property in order to recover its losses. |
| government agencies that have properties available | | | | HUD foreclosures can be found nationwide, in a variety |
| for sale and one area that a lot of investors like to | | | | of different neighborhoods, and many of these |
| look into are HUD foreclosures. | | | | properties are available at affordable prices. They |
| HUD, or the Department of Housing and Urban | | | | have residential properties ranging from small |
| Development, oversees the Federal housing | | | | condominiums to large, four unit residential buildings. A |
| administration or FHA. The FHA does not make loans | | | | lot of the properties need a little TLC but it is not |
| but rather insures bank loans in order to remove the | | | | uncommon to find properties at discounts of 40% or |
| risk banks face when making loans to first-time buyers, | | | | more allowing you to save tens of thousands of |
| people with small down payments, people with less | | | | dollars. HUD properties can be a great investment |
| than perfect credit etc. HUD has programs that help | | | | opportunity for people looking for a house to fix and |
| people to buy houses who would not otherwise have | | | | flip, a rental income property, or a nice family home. |
| the opportunity. Through various programs people can | | | | |