Miami is not just home to luxury high-rises and multimillion-dollar mansions. It does offer affordable homes. And while searching through foreclosures is one way of finding an affordable home in Miami, another way is by considering HUD homes.
Everything You Need to Know About HUD Homes
HUD homes are distinct from other foreclosed properties because they were bought with FHA loans and, after the homes were foreclosed, were acquired by the federal Department of Housing and Urban Development (HUD).
Where to Find Government-Owned Properties
The U.S. Department of Housing and Urban Development has a database of foreclosed homes called the HUD Home Store, where you can search for a property by state, city, price range, and number of bedrooms and bathrooms. Currently, Miami’s HUD properties range anywhere from $75,000 to $250,000 for houses and condos.
Who is Eligible to Buy a HUD Home
Anyone who has the required cash or can qualify for a loan (subject to certain restrictions) can purchase a government-owned property. However, priorty is given to home buyers looking for a primary residence. After that, any unsold HUD homes are available for investors and second home buyers.
What Special Discount Sales are Offered
These foreclosed homes are even more affordable for people who qualify under the Good Neighbor Next Door Sales Program:
- law enforcement officers
- preK through 12th grade teachers
- emergency medical technicians
The HUD department offers a 50% discount on the listing price of the home for these occupations. Learn more about the qualifications on the sales program’s information page.
When you want to ultimately buy a government-owned property, you will need a HUD-registered real estate broker to submit a bid on your behalf.
Let Us Help You Find an Affordable Home in Miami
HUD homes are a great affordable housing option in Miami, and we would love to help you find your dream home in your dream price range. If you would like more information about buying a home in the Miami area, want to learn how to save 3% on closing costs as a first-time home buyer, or are interested in receiving a free and personal buying guide, just call us at 305-508-7250. We would love to talk with you about finding your affordable dream home in Miami.