HUD, REO, & HomePath

HUD Homes:

A HUD (The U.S. Department of Housing and Urban Development) home is a one to four unit property, home, condo which was financed with an FHA mortgage. When the owner of a FHA loan fails to make the monthly mortgage payments, their mortgage lender forecloses on them. After the bank takes back the home, the bank will seek reimbursement money from Federal Housing Administration (FHA) on the loss from the homeowner. HUD/FHA basically will buy out the bank and take ownership of the house. FHA is a division of the HUD. After HUD takes ownership of the home, the FHA will attempt to sell the property through an online auction or through normal home selling channels. HUD uses the first look period to offer homes to owner occupant buyers first before non-owner occupant buyers (Investors)

Freddie Mac:
Freddie Mac is the Federal Home Loan Mortgage Corporation, or FHLMC. It was created to create a secondary market for home mortgages. Freddie Mac is the "little brother" to Fannie Mae.

HomePath is the marketing and branding used for all Fannie Mae-owned properties. Whenever you come across a "HomePath" property, it has to do with the sale of Fannie Mae-owned properties.
Based on information from California Regional Multiple Listing Service, Inc. as of Oct 15, 2018 4:35:pm. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.