HUD Approved Broker

Making the American Dream a Reality!

We are a HUD Approved Brokerage!

We have access to hundreds of HUD listed homes. We customize real estate transactions by assisting purchases of hud homes with the bidding process.

We have been involved in the property disposition of HUD homes for the past six years.

We realize that since these houses are sold on a bid process, knowledge and timing are very important to being the successful bidder.

As a first time buyer, investor, realtor, loan officer, inspector and/or contractor, our HUD approved brokerage exists to help you.

FREQUENTLY ASKED QUESTIONS ON HUD HOMES

What is a HUD Home?

The United States Department of Housing and Urban Development (HUD) oversees the Federal Housing Admin (FHA), which provides federal insurance against default on home mortgages. If the payments are not made on an insured FHA loan, the lender forecloses then files an FHA insurance claim for the unpaid loan balance, and gives title to the property to HUD. At this point, the house becomes a HUD owned home. Then HUD's real estate contractors begin the process of working to maintain and sell the properties according to HUD guidelines.

Who can buy a HUD Home?

Any qualified purchaser can offer to buy a HUD home, regardless of race, color, religion, sex, national origin, handicap, or familial status. Before making an offer, prospective buyers must have a letter, written on the stationary of a mortgage lender, stating that they have been pre-qualified for the loan needed. Buyers paying cash must provide proof of available funds

Who can sell a HUD Home?

Currently, only licensed HUD registered real estate brokers, and the agents associated with them can show and submit offers on HUD owned properties. All HUD homes are sold by electronic bid. Only licensed brokers/agents that are registered with HUD may place an offer on behalf of their buyers. Exit Realty NE Houston is a HUD approved real estate brokerage.

SPECIAL PROGRAMS AVAILABLE WITH HUD

The Good Neighbor Next Door Program (GNND)

Designed to attract public servants to designated communities where they can purchase homes in neighborhoods in which they serve. This program makes homeownership more available and affordable to these particular individuals. Public servants under this program serve as resident role models and ensure the safety and well-being of residents in those communities where help is needed to promote safe neighborhoods and stronger educational opportunities.

Participants are offered up to a 50% discount on HUD-owned, single-family homes under the Direct Sale Program in designated revitalization areas. It is necessary for the participants of this program to utilize the assistance of a real estate professional. HUD requires these buyers to take advantage of the knowledge and expertise that an experienced real estate agent has to offer.

Applicants interested in the program are allowed to submit an “intent to purchase” during a restricted offer period, which is five days before the property is listed to the general public to receive the appropriate discount. Participants are required to own and use this property as their sole primary place of residence for at least 36 months.

Law Enforcement Officer HUD Program

Eligible participants under the Law Enforcement Officer program are employed full time by a law enforcement agency of the federal government, a state, unit of general local government, or and Indian tribal government. In carrying out such full-time employment, the person is sworn to uphold and make arrests for violations of the federal, state, tribal, county, township or municipal laws.

Teacher HUD Program

Eligible participants under the Teacher program are employed full-time by a state accredited public or private school that provides direct services to students in grades pre-kindergarten through 12. The public or private school where the person is employed as a teacher serves students from the area where the home is located in the normal course of business.

Firefighter and Emergency Medical Technician HUD Program

Eligible participants under the Firefighter and Emergency Medical Technician program are employed full-time by a fire department or emergency medical responder unit of the federal government, a state, a unit of general local government or and Indian tribal government serving the area in which the home is located.

Other qualifying criteria include:

All participants’ employers must certify that the applicant meets HUD’s eligibility definition for participation and is an employee in good standing.
Married couples are eligible for both programs, but can purchase only one home under either program.
Single-family homes are the only properties available for sale in the program.
Earnest money deposit is required of 1% of the list price, but no less than $500.00 and no more than $2,000.00.

Non-profit agencies HUD Programs

Have the opportunity to partner with HUD to rebuild their communities by utilizing the Single Family Property Disposition Discount Sales Program. The Direct Sales Program allows for uninsured single family properties in a non-profit’s geographical area, that do not meet FHA insured financing requirements, to be purchased for a discount by that non-profit agency. With discounts of up to 30%, non-profits can purchase, rehabilitate, and resell these HUD properties to low to moderate-income families and first-time homebuyers. Non-Profits that are qualified by HUD, may only bid on and purchase properties in their designated geographical approved zip code area (Areas of Interest) during the Lottery Period under the Direct Sales program. These organizations may also participate in the bidding process when the property is being offered to the general public as well.

The following discounts are available at closing:

For Uninsured properties located in revitalization areas in their geographical area, a 30% discount
For Uninsured properties not located in revitalization areas, a 10% discount, or a 15% discount if five or more properties are purchased and closed simultaneously