Buy a HUD home: get advice from a HUD housing counselor

I f you want to buy a HUD home, advice from a HUD housing counselor can help you learn the HUD process, find federal loan programs and learn about homeownership.

The United States Department of Housing and Urban Development (HUD) offers excellent opportunities for you to buy foreclosed homes at prices that are below market value. If you want to buy a HUD home, advice from a HUD housing counselor can help you learn the HUD process, find federal loan programs and learn about homeownership.

Why Seek Advice from a HUD Housing Counselor?

There are many HUD housing counseling agencies across the country that provide useful advice if you want to buy a HUD home to live in or as an investment property. The advice you receive from a HUD housing counselor can make the process of acquiring a HUD home easier and help you avoid costly mistakes. Here are a number of reasons why you should seek advice from a HUD housing counselor:

• The housing counseling service offered by HUD-sponsored agencies is free of charge.
• A HUD housing counselor will evaluate your financial situation and your needs to determine which options are best for you.
• The counselor will also provide advice on how to get a home loan. You can get information about loan eligibility requirements, loan application process, documents you need to provide, selecting a lender and loan fraud prevention.
• The counselor can also help you create a budget so that you will be able to make your monthly loan payments on time.
• HUD counselors also know about grant programs that pay your down payment, closing costs and other fees.

How to Find a HUD Housing Counselor

You can find a state HUD office or HUD-sponsored housing counseling agency by searching online or calling HUD's HOPE hotline at 1-888-995-HOPE (4673). This hotline is available around the clock, everyday of the year, and it is free of charge. The counselors can collectively speak more than 160 languages, and they usually answer calls within seconds.

What to do Before You Call a HUD Housing Counselor

Before you contact a HUD housing counselor, you do some research to find out which HUD programs may fit your situation. You can click here for the online HUD tool for finding the correct program for you. Then, look at the provided checklist on the same website to find which information you need to provide to the counselor. After that, you can call a HUD housing counselor with your specific questions.

There are many reputable real estate agents in the online marketplace who can help you locate a home that suits your needs and budget. You can talk to the HUD counselor about your options for federal help buying a home that is not a HUD foreclosure as well. To look at homes for sale in your area, go to RealtyNow for free real estate listings.