What is A HUD Home Anyway???

You may have seen the signs on street corners and at neighborhood entrances announcing “HUD Home for Sale”.  These rather “governmental” looking signs often stir up curiosity and in many cases concern in the community.  With the tremendous volume of foreclosures in Gwinnett, these have been popping up everywhere!  Because of that, many people have asked me to explain, so here you go.

Be not afraid of the HUD home.  When people ask me “What is a HUD home?”, I often ask them what they think it is.  The answer I get most is section 8, government subsodized, low income or similar.  While I understand how people have come to think that, it is simply not true.  Are you ready??  Here it is…straight from HUD.

“A HUD home is a one-to-four unit residence acquired as a result of a foreclosure on an FHA insured mortgage.”  from HUDPEMCO Agent Guidebook

See?  Nothing to fear.  Hud homes can be found in any community which has had an FHA insured mortgage go “back to the bank” in this case, the Federal Government by way of  HUD (US Department of Housing and Urban Development).  In most Metro Atlanta counties, the FHA loan limit is $346,250.00.  This means that Read more

Gwinnett County Launches Neighborhood Stabilization Program

On June 25, 2009 Gwinnett County announced its Neighborhood Stabilization Program (GCNSP) to a group of REALTORS and Mortgage Professionals.   The GCNSP is a program to purchase foreclosed homes of sub-standard condition then rehabilitate and return those homes to market with the hope of stabilizing Gwinnett County home values.  Additionally, the program will provide affordability assistance to potential buyers by way of homebuyer counseling, down payment assistance and a “forgivable” second mortgage.  Under the program, homes will be available to low, moderate and middle income home buyers.

The GCNSP will receive funding from a July 2008 program of grants to local and state governments, enacted by Congress.  Gwinnett County has been allotted $13,512,054 towards the program, of which $10 million is from HUD with the remaining portion from the State.  This pre-TARP program is expected to have 100 homes rehabilitated and under contract by September 5, 2010, and provide the same results for Read more