The Department of Housing and Urban Development (HUD) no longer sells “HUD dollar homes” to individual home buyers, but there is a workaround solution.
Instead, it has begun selling homes to local governments for $1.00 each to create housing for families in need, and to help revitalize neighborhoods.
Rural Money Tip: You can work through a local homebuyer program to purchase one, so contact a Realtor who specializes in HUD homes.
Under this new Dollar Home Initiative Program, single-family homes that are acquired in foreclosure actions are eligible for sale to local governments around the nation for $1.00 each, whenever the FHA is unable to sell the homes for six months.
More than 1,000 homes are initially eligible for sale to local governments under the program, and additional homes become available for sale each month.
Local governments buying HUD homes for $1.00 can fix them up and sell or rent them to low to moderate-income families, first-time home buyers, or to groups that will use the homes to provide services such as child care centers or job training centers.
The local government’s will establish the resale price.
It is possible that local governments will sell the worst fixer-uppers acquired under this program for extremely low amounts!
Hundreds of local governments have informed HUD they are interested in buying dollar homes.
Contact your local HUD office to see if your community is participating.
Did my image of a potential HUD home frighten you?
Personally, I bought a house (not a HUD home) that was almost as ramshackle as the one in the image; but I fixed it up, lived in it for five years… read the whole story here.
Author’s Info: Tonza Borden is a 20-year finance and digital marketing expert with a passion for coaching and training. She is also an advocate for people with disabilities and the working poor. Visit her website at RuralMoney.com for exclusive community resources and strategies for your financial future. Google+