Answering HUD Questions: Who Can Purchase a HUD Home?
Every Sunday we feature HUD Homes. Some weeks it will be information about purchasing HUD homes (see the links at the end of this post). Other weeks we will feature available HUD homes in Douglas and the surrounding counties.
This week we are answering a common HUD question. Who can purchase a HUD home?
There are FIVE buyer types, as identified by HUD. There are also restrictions and requirements for each buyer type. 1) All home buyers MUST use a registerd selling broker or selling agent to make an offer on their behalf. 2) All bidders must be registered to make offers on properties.
Owner Occupant: This is a buyer who intends to live in the property as their primary residence. They MUST not have purchased a HUD property in the past two (2) years. They MUST have a valid Social Security Number (SSN). Owner occupants have first priority to purchase. They may purchase suring the Exclusive or Extended bid periods.
Investor: This buyer does not intend on living in the property. An investor MUST have a valid Social Security Number (SSN) or Employer Identification Number (EIN). They may ONLY bid homes during the Extended bid period.
Good Neighbor Next Door (GNND): Available to law enforcement officers, pre-K through 12th grade teachers, firefighters and Emergency Medical Technicians (EMTs). There are many restrictions and requirements. For more information click on the link below regarding Special Programs.
Nonprofit: The Non Profit program allows local non profit organizations an opportunity to investment in the rehabilitation of their communities. They may purchase during the Lottery, Exclusive and Extended bid periods. They cannot bid for Dollar homes. Other restrictions apply. For more information, please click on this link.
Government Agency: Local governments are able to assist with housing for low to moderate income families. They may purchase during the Lottery, Exclusive and Extended bid periods. They can bid for Dollar homes. Other restrictions apply. For more information, please click on this link.
(HUD is the U.S. Department of Housing and Urban Development.)
If you are interested in learning more about HUD Homes or scheduling a showing of a HUD Home in the Metro Denver area, please contact The Foerster Team at (720) 530-5553.
Watch this blog site for available HUD Homes in Douglas County and the surrounding areas and additional information regarding HUD Home programs and purchasing HUD Homes.