What is HUD?
HUD stands for the Department of Housing and Urban Development. HUD is a United States government agency that was set up to assist Americans in home ownership matters. The mission of HUD is to raise home ownership, support community development and boost access to inexpensive housing that is free from any discrimination. It tries to achieve this aim by embracing high values of ethics, accountability, management and forming new relationships with community organizations.
Purpose and function of HUD
HUD assists people to get housing. Therefore, if you are on welfare and are in need of a place to live then you need to contact HUD.
Through the FHA, HUD is the biggest mortgage giver in the planet.
HUD handbook and its use
An HUD's handbook illustrates the minimum standards for housing property. It is a real estate inspection tool, which is useful when purchasing a home. The book is available online, given free by the HUD Direct Distribution System. The book clearly shows how you should go about inspecting the various parts of the house including walls, floor, ceiling, lighting, faucets, bathrooms etc, for any possible faults.
Importance of HUD handbook
Always take your time when inspecting using the book because you are the one who will live in it. Make sure that you do not sign any papers before inspection of the property for it can be a great price negotiation tool.
There are many sites on the internet that will assist one to understand how to use the resources of the HUD to an advantage. You need to contact a realtor in order to buy a home owned by the HUD and an approved lender if you need a home loan via the FHA.
Many investors are making money by properly utilizing the HUD resources, and it should be an asset to you as well.