In 1965 HUD was originally a part of the Housing and Urban Development Group in the federal government. HUD foreclosed homes are those that had insurance from the Federal Housing Administration that the mortgage would be paid if the borrower defaulted on the loan. These are single family residences but may be town homes, condominiums, or ranch homes too. The restrictions are very lax besides these few requirements so they can be any size, contain a number of appliances, or have any number of rooms included. The home does have a monetary limit on how much they will insure though so the home’s price must fall into this realm and the lender needs to be approved to be able to give borrowers FHA insured loans.
In 1968 the federal government established HUD or The U.S. Department of Housing and Urban Development. The original intent of the organization was to manage community development and federal housing.
When HUD was formed a number of other agencies were combined and HUD was placed in charge of these. The Federal Housing Administration or FHA was one of these. Starting in 1971, the agency was referred to as HUD/FHA together.
