HUD Mortgage

HUD stands for Housing and Urban Development, and the official name for the department is the United States Department of Housing and Urban Development.  HUD mortgages are insured by The Federal Housing Administration (FHA) which is a department of HUD.   Because your mortgage is insured by the FHA, your lender can offer you a better deal.  Some aspects of a HUD mortgage include:hud mortgage

  • Low down payments
  • Low closing costs
  • Easier credit qualifying

With a FHA loan, your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan.  These types of mortgages are available on 1-4 unit properties.

If you are looking for a fixer-upper home, FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan.

If you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs – all in one loan.

For more information about applying for a  HUD mortgage, you should contact a local FHA loan specialist to see if you qualify.  In the near future we will be providing a list of FHA and HUD mortgage specialist.