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WEB REVIEW
 

Web Review: Finance
HUD.gov Provides Homebuying Help

Find information on programs for first-time homebuyers from the U.S. Department of Housing and Urban Development.

REVIEWED BY CHRIS LEPORINI

Web Site: HUD’s Homes & Communities
URL: www.hud.gov/buying/index.cfm

What the Site Offers

The U.S. Department of Housing and Urban Development (HUD) can help you service the special needs of first-time buyers. Its Web site’s Homes & Communities section explains the homebuying process, answers common questions about obtaining a mortgage, and provides information on government financing programs. Additionally, the site provides contact information for HUD-approved housing counseling agencies.

First-time buyers constitute a significant portion of the U.S. residential real estate market, representing 40 percent of total sales, according to the 2003 Profile of Home Buyers and Sellers from the NATIONAL ASSOCIATION OF REALTORS®.

Because language barriers can keep some people who need assistance from achieving homeownership, all of the site’s resources are available in Spanish.


Valuable Site Features for Real Estate Professionals

  • Common Questions From First-Time Homebuyers. Find information on the benefits of homeownership vs. renting, finding a lender, and how buyers can apply for special programs, such as those for single mothers or individuals with poor credit, among other topics. This section also explains how mortgage payments work and what materials buyers need to bring when applying for a mortgage. Also helpful for your buyers is the “100 Questions and Answers About Buying a New Home.”
  • Housing Counseling List of Agencies. Locate a local HUD-approved housing counseling agency in your state that can advise buyers on general homebuying concerns, foreclosures, and credit issues.
  • HUD's Mortgage Insurance Programs. Explore how mortgage loan insurance gives customers low downpayment options to buy or refinance a home. The section includes background on HUD’s FHA loan, energy efficient loans, and rehab loans, as well as loans for disaster victims, the elderly, and people with special credit risks. Note: HUD doesn’t provide loans directly—borrowers must apply through a HUD-approved lender. Click here to find an approved lender in your area.
  • Teacher Next Door, Officer Next Door, and Homeownership Vouchers. With these program links, learn about three special HUD programs that help promote homeownership. The first two of these HUD homebuying programs encourage teachers and police officers, respectively, to purchase homes in low- to moderate-income neighborhoods by offering discounts on HUD homes. The third, homeownership vouchers, helps low-income, first-time homeowners afford monthly homeownership expenses.
  • About Communities. Find links to your state’s local homebuying assistance programs, maps of communities, and access to the U.S. Census Bureau’s American Fact Finder, which provides statistical data on population and housing characteristics by region.
  • Homes for Sale Search listings of homes for sale from HUD as well as links to information on homes for sale from other U.S. government agencies.
  • Wish List. Help buyers pin down their wants and needs with this two-page worksheet with fill-in-the-blank fields for homebuying criteria, such as the size of the home, price range, and amenities. Ask buyers to complete this to minimize time wasted looking at properties that don’t fit their needs. This section also offers much of the same information in a checklist form.
  • Affordability Calculator. Determine how much home your buyers can afford using this link to a mortgage calculator from Ginnie Mae, which is a program within HUD that serves low- to moderate-income homebuyers.

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    More Resources
    Working With Buyers Tool Kit
    Web Review: HomeBuyerFunds.com , Chris Leporini, September 2002.
    PrivateMI.com , Chris Leporini, January 2001.
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    Suggest a Site For Review
    Every week, REALTOR® Magazine Online's Web review editor surfs the Internet to find sites useful to your business and off-hours lives. Have a favorite real estate Web site that you would like to see reviewed? Send your suggestions to Chris Leporini at mediatech@realtors.org. All decisions on which sites will be reviewed are completely at the discretion of REALTOR® Magazine Online's editorial staff. Please note: this column does not review individual practitioner or brokerage sites.

    The column's focus includes free sites, as well as sites that charge for goods and services, but which still offer a free component of practical, sustained value to real estate practitioners, such as a free newsletter or regular news information.
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    REALTOR® Magazine Online's "Web Review" summarizes the content of Web sites that may be of interest to members. NAR and REALTOR® Magazine Online are not responsible for, and nothing in the Web site profile shall constitute NAR's or REALTOR® Magazine Online's endorsement of, the web site, its content, products and services, or its provider. NAR and REALTOR® Magazine Online believe the information contained in this profile was correct and accurate as of the time it was prepared, but do not warrant or guarantee the accuracy or completeness of that information and are not responsible for changes in the Web site. Members should conduct their own independent review of the Web site prior to any use of Web site, its content, products, or services to determine their suitability for the member's intended purpose.

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