Here is a Quick Overview of HUD and Its Relevance

The US government initiated the creation of HUD in 1965

. HUD stands for Housing Urban Development and it was responsible for city and housing developments. A few years after its establishment, the HUD focused solely on the housing industry.

The primary mandate or objective of HUD is to become the leading lending liaison. Low income earners can get the necessary assistance from this agency. They can realize their dreams of owning a home even if they can not qualify for commercial housing loans. However, you have to take note that the HUD is not a lending agency. It only provides guarantees for lenders.

The HUD has several programs for obtaining cheap loans. These programs cater to individuals who are low income earners. The programs of HUD usually work in convergence with the Fair Housing Act or FHA. You probably know already that low income earners experience great difficulties when applying for loans. They are discriminated when it comes to real estate buying.

Most commercial lenders do not trust minimum wage earners. They think that low income individuals will not be able to meet the monthly obligations to pay off the loan. That is why low income or minimum wage earners are getting frustrated when they apply for housing loans.

With the intervention of the Housing Urban Development, the implementation of the Fair Housing Act can be ensured. This agency oversees the strict implementation of the law and ensures that the real estate industry is complying with the provisions of the law. The agency also provides FHA loans and housing vouchers. These are provided to Americans who own or rent their homes.

Brokers in the real estate industry usually promote the special programs of HUD. This way, they can provide advice to homeowners who want to take advantage of HUD programs and assistance. But the bids for getting assistance from HUD should be coursed through an active broker or realtor. The realtor or broker and the buyer must not have any connection with each other.

All the issues pertaining to housing rentals and housing ownership fall under the responsibilities of HUD. Some of the issues covered by HUD include housing discrimination, safety issues, security issues, projects on housing repair, general home improvement, housing for senior citizens, and insurance or homeowners. The HUD is also mandated to reinforce the initiatives of other industries in localities. With its broad mandate, the HUD is technically not just focusing its efforts on low income individuals.

To learn the different programs of HUD, you have to go to a local public housing agency. Through the FHA, mortgage insurance is provided to people who want to buy homes that are covered by the mandate of HUD. The programs assist home buyers to get loans that have cheaper down payment and closing costs. Housing grants and counseling are also provided by HUD.

It is very important to understand the relevance of HUD in the housing sector. If you know the mandate of HUD, then you can determine if you can get assistance from it. You will be able to completely maximize the services of HUD if you are familiar with its programs.

Here is a Quick Overview of HUD and Its Relevance

By: Rob Blake

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