How to Buy a HUD Home - First Time Home Buyer Programs

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HUD HOMES
How can I buy a HUD home?

Answer: Read our section on how to buy a HUD home. Then look at the listings of HUD homes available. If you find a home that interests you, you'll need to contact a HUD-approved real estate broker (most brokers are HUD-approved), who can submit a bid for you. Successful bids are posted right on the page for your state.

For more information, you may also contact our FHA Resource Center by email at answers@hud.gov or by phone at (800) CALLFHA.

How can I get listings of HUD homes for sale?

Will HUD buy my house? Can I sell my home to HUD?

Answer: No. HUD does not buy homes. The homes that HUD sells come into HUD's possession as a result of defaults on FHA (HUD) insured mortgages.

How to Buy a HUD Home - First Time Home Buyer Programs

First-Time Home Buyer Programs & Grants
HUD Homes Official Website
https://www.hudhomestore.com/Home/Index.aspx
HUD Homes - Foreclosure
https://www.foreclosure.com/

What is a first-time home buyer program?
A first-time home buyer program is a mortgage program designed to help remove typical obstacles to owning a home.

First-time home buyer programs, grants & loans

FHA loan
Who it's great for: An FHA loan is a great option for a borrower who needs a low-down-payment mortgage? It can be especially helpful for someone with a lower credit score.

• 3.5% minimum down payment with a 580-credit score.
• 10% minimum down payment with a 500-credit score.
• Most FHA lenders will want you to have at least one month's cash reserves in savings.

VA loan
Who it's great for: A VA loan is for eligible service members, veterans, and some spouses? If you qualify, it's a great way to buy a home with little-to-no money out of pocket.
What it is: A home loan insured by the U.S. Department of Veterans Affairs.

USDA loan
Who it's great for: A USDA mortgage loan program is specifically designed for lower income families in rural communities.

What it is: A home loan insured by the U.S. Department of Agriculture.

Zero down payment requirement.
The USDA does not stipulate a minimum credit score, but lenders usually want to see a score of 640.
USDA loan borrowers pay two kinds of mortgage insurance: The upfront guarantee fee is equal to 1% of the loan amount. The annual fee is equal to 0.35% of your loan balance. That fee is calculated once a year and added to your monthly payments.

Fannie Mae or Freddie Mac
Who it's great for: Fannie Mae and Freddie Mac home loans are for any potential borrower looking for help overcoming common obstacles to owning a home.

• Fannie Mae 97% LTV conventional mortgage program for first-time home buyers and people refinancing Fannie Mae loans. This is a great option for someone with good credit who wants to make a small down payment.
• Fannie Mae HomeReady® mortgage program for low-income borrowers. You will need a credit score of at least 620.
• Freddie Mac HomeOne℠ mortgage for first-time buyers. This 3% down-payment loan has no income or geographic restrictions.

Fannie Mae’s HomePath Ready Buyer Program
Who it's great for: The HomePath® Ready Buyer™ program is for first-time home buyers who are willing to take a homeownership education course.

What it is: A way to get up to 3% off closing costs.

• This program is only for people buying a HomePath home.
• Requires a 620-credit score.
• You must complete an approved home-buyer education course and receive a certificate of completion before you submit your initial offer on the home.
• You must use the property as your primary residence within 60 days of closing.

National Homebuyers Fund
Who it's great for: The National Homebuyers Fund is for low- and middle-income buyers who want assistance with down payments.

What it is: A nonprofit organization that provides assistance with down payments in the form of gifts and forgivable loans.

Mortgage credit certificates
Who it's great for: First-time buyers who have a lower income or for repeat buyers purchasing a home in a designated distressed area.

Good Neighbor Next Door
Who it's great for: The Good Neighbor Next Door program is a home-buyer assistance program for firefighters, law enforcement officers, teachers, and emergency medical technicians buying a home in a designated revitalization area.

What it is: A way to buy a single-family home for 50% off its appraised value and only $100 down.

Dollar Homes
What it is: A way to buy a HUD home for $1 plus closing costs.

• Income limits apply.
• Eligible properties were on the market for six months but didn't sell.
• Market value must be $25,000 or below.
• Where to find it: This program is administered by states. Check HUD to find available properties, and then click the Find A Broker button to make an offer. Dollar Homes are rarely available.

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