What is HUD
HUD (Department of Housing and Urban Development) is actually the cabinet of the United States of America. Its main aim is to ensure that policies dealing with housing and development are implemented smoothly. As the name “HousingandUrbanDevelopment” suggests, most of its focus is on urban development in terms of enhancement of infrastructure and housing. It has been in existence since 1965. It started by focusing on both housing and urban planning but as time has gone by its main focus is on housing. The urbanization part is handled by individual cities.
One of the major functions that HousingandUrbanDevelopment (HUD) offers is the opportunity to provide mortgage and loan facilities to its citizens in helping them purchase a house. The department mainly targets people who earn mid-level and low-level income to get loans which will help them buy a house. Owning a house is one of the many American dreams and by setting up this department, it is possible to enable the citizens to make one of their American dreams become a reality. It is important to note that it is not a lending institution in itself; its work is to approve the lending institutions and support them.
Another service that is offered by the Housing and Urban Development is extensive counselling to those who want to own homes. There is a network that has been created within the organization in such a way that a potential home owner can be guided and educated properly as to matters dealing with home ownership and purchasing of a house. The department also has put special programs in place in the form of individual grants. The main aim of such programs is to enable its citizens to be able to purchase a house. Organizations that deal with renting, credit issues, defaults and foreclosure are also supported by the HousingandUrbanDevelopment (HUD).
HousingandUrbanDevelopment (HUD) programs have been attended by a large number of the real estate agents in the United States who are, in turn, able to give advice to their clients who wish to be helped by the department. Bids which need to be assisted by the HUD first pass through a real-estate agent who is a participant with the department; they cannot be done directly by the potential buyer.
Other program offices in the HousingandUrbanDevelopment (HUD) are Community Planning and Development, Housing, Healthy Homes and Lead Hazard Control, Government National Mortgage Association, Policy Development and Research just to mention but a few. Each of these departments has various programs it runs in a bid to provide counsel and advice to potential house owners.