There is no doubt that real estate is expensive, and it can be very difficult to find a decent home if you are of modest means. But while difficult, it is not impossible. The US Department of Housing and Development is making the dreams of thousands of families come true by selling foreclosed homes at a discounted rate. To find one of these homes in your area, all you need is a HUD foreclosure listing.

A home appears on a HUD foreclosure listing after the homeowner is no longer able to afford it and the bank forecloses upon it. While foreclosures happen all of the time, only homes that are FHA-insured are purchased by HUD to be resold in an effort to recoup some of the loss.

One of the reasons why FHA-insured homes are ideal for many first-time homebuyers of modest means is that they have to meet certain criteria in order to be financed. This means that a home featured on a HUD foreclosure listing will not be in shambles or have any safety or health violations. This can be a great relief for many who thought they had to live in substandard housing or in bad neighborhoods because they could not afford any better. In fact, HUD homes can be found in almost every neighborhood and school district.

A HUD foreclosure listing can be obtained through a real estate agent that has the authority to act as an agent and place offers with HUD. It can also be found online at the website of one of the several contractors that are authorized by HUD to publish their listings.

Besides saving a lot of money and being guaranteed a safe, comfortable home, another upside of searching for a home in a HUD foreclosure listing is that HUD homes are reserved primarily for people and families wanting to buy a residence. Real estate investors and those looking for a second home are not allowed to make offers on HUD homes unless there are no families wanting to buy the home and it has remained for sell for a specified amount of time. This means that there will not be as much competition for the property as there generally is with other types of discounted properties.

When you purchase a home from a HUD foreclosure listing, you can also finance it the same way you would another home. You can obtain conventional financing through a bank or contact a mortgage broker for other alternatives. Many HUD homes may even qualify for FHA-insured financing.

The fact is that thousands upon thousands of families have seen their dream of homeownership come true with the aid of a HUD listing. So if you are in the market for a new home, do not overlook this valuable information. Even if you think you can afford a home with no problems, you should still check out the bargains that can be found on a HUD foreclosure listing.

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