HUD Homes – Disposition Program 204g
This program is designed to dispose (to sell) of properties that the FHA have acquired through foreclosure of FHA defaulted mortgages. These properties generally are 1 to 4 unit properties. Your real estate broker would have all the information you may need. You may submit your bid over the internet with your real estate broker. The awarded bids will be announced via internet posting and notification to the selected bidder. Government and Nonprofit groups can purchase properties at a discount through a lottery system with no need of a real estate broker.
The eligibility is open to all individuals that are able to finance the property and provide earnest money deposit with their bids. Government and Nonprofit groups have special eligibility requirements.