Washington State HUD Homes And Properties
HUD: Department of Housing and Urban Development
The Office of Housing provides public services through its national programs. It oversees the Federal Housing Administration (FHA), the largest mortgage insurer in the world, as well as regulates the housing industry business.
The mission of the Office of Housing is to:
- Contribute to building and preserving healthy neighborhoods and communities;
- Maintain and expand homeownership, rental housing and healthcare opportunities;
- Stabilize credit markets in times of economic disruption;
- Operate with a high degree of public and fiscal accountability; and
- Recognize and value its customers, staff, constituents and partners.
HUD handles an umbrella of types of housing from Single Family, Multifamily, and Regulatory Programs. In 1965, the FHA became a part of the HUD department. The FHA and HUD have insured over 34 million home mortgages and 47,205 multifamily project mortgages since 1934. FHA currently has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio. In the more than 60 years since the FHA was created, a lot has changed and Americans are now some of the best housed people in the world. HUD has helped greatly with this success.
What is a HUD Home?
A HUD Home is a one-to-four unit single-family residence, condominium or townhome that has been conveyed to HUD by the lender as a result of foreclosure when the borrower defaults on the FHA-insured loan. HUD in turn sells the property at “AS IS” market value based on a recent appraisal as quickly as possible through an Asset Manager (AM) Contractor such as PEMCO, LTD. HUD Homes vary in price, location, and condition. Some are move-in ready condition and others are not.
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