Homes For One Dollar! The Truth About HUD By Chris Yarbrough At Isnare.com Ezine Articles

Urban legends about HUD

1) You can buy a home from the government for $1.

Did you really think you could? Sadly, most people that enter their credit card numbers on those flashy investment websites, or call in and order that expensive As Seen on TV package actually think they can.

Don't fall for the scams. As a potential home owner, or investor, you will never be able to purchase a home below the NET requirement that HUD stipulates. At most, you can purchase for 87% of the listing price.

The only exception is a program for fire fighters, police officers, and teachers. There is currently proposed legislation to add nurses to this list. Under this government program, called the Next Door Program, those that qualify can purchase a home at a 50% discount from HUD's asking price.

HUD does have programs which allow charities, city, and county governments to buy properties at $1.

2) HUD homes are in the worst neighborhoods in the city.

Not true at all. HUD homes can in fact, be found in even the most exclusive areas of the city.

3) HUD homes are usually falling down, or have been condemned by the city.

Again, not true. While there are certainly some houses in very poor shape, the vast majority of houses are in remarkably good shape.

4) HUD only sells a home when a welfare family no longer wants to live there.

This is a huge myth. HUD gets their homes when a home owner defaults on an FHA insured mortgage. People from all walks of life lose houses everyday. The number of HUD owned homes in middle class neighborhoods would astound you.

The next time you see a website offering information on $1 Government homes, you'll know better than to click on that blinking box! If however you are interested in a fixer-upper, HUD may have a house for you.

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