ArkHoma Realty is certified and approved to receive and submit your bid on HUD listings in Oklahoma.
WHAT IS HUD? The Department of Housing and Urban Development (HUD), is a cabinet level agency of the United States Government. It has existed since 1965 and is charged with ensuring smooth policy for housing and city development. Since the mid-1970s, its focus has shifted primarily to housing, leaving urban planning more in the hands of individual cities.
One of the main functions of HUD, and certainly that with which most people interact, is its role as a lending facilitator. HUD helps people of low- and mid-level incomes acquire loans to purchase housing. HUD itself is not a lending institution, but it approves lenders and supports them materially.
Not all real estate agents in the United States participate in HUD programs and many are not able to give advice to their clients wishing to receive HUD assistance. All bids which are received by HUD must come through a participating real-estate agent and cannot be handled directly by the buyer.
HUD is also loosely connected to the the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae), both of which deal with mortgages in the United States. The Federal Housing Administration (FHA) falls more closely under HUD, helping to guarantee mortgages to low-income homeowners.
Click here for more information on buying a HUD property.