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About Colorado HUD Homes

What Is a HUD Home?
A HUD home is one whose original owner had a mortgage that was insured by the FHA (Federal Housing Administration). When the owner didn't make the payments, the lender foreclosed on the home and the FHA paid off the lender.

After the FHA pays off the lender, HUD (the United States Department of Housing and Urban Development) takes ownership of the home. HUD's goal is to sell the home as quickly as possible at a fair market value.

Is a HUD Home a good buy?
HUD homes are usually very good deals. They also usually need some work done. In exchange for costing less than regular resale homes, they aren't in as good condition. If you're willing and able to do some work to fix up a home, a HUD home can be a wonderful bargain.

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