there is a program by which hurricane evacuees

All HUD homes anywhere in the country are offered for sale during a initial offering period which lasts for 10 days. FEMA qualified hurricane evacuees can bid on them during this initial period and purchase them at a ten percent discount from home's actual appraised value.

To continue with what Moss said about the Hurricane Discount Home Sales Program, in connection with the sale, HUD will pay as much as five percent of purchaser's closing costs.

But the purchaser is required to make a minimum of $500 EMD (Earnest Money Deposit) on the property.

And when multiple purchase offers are received on the same property then successful purchaser is selected by way of a random lottery.

Miller

thanks a lot for such great help, if someone can also tell about the process on how to bid for a hud home, it will be really helpful.

Hi Aron,

To place your bid for a HUD home, you are required to have copy of FEMA letter which states your eligibility as a hurricane disaster evacuee and a FEMA registration number. You can take help of a real estate broker in placing the bid and will be required to purchase the home with a FHA loan or with your own cash.

You are also required to occupy the home for at least 1 year from the date of its purchase.

Do let me know if you have any other questions.

Thanks
Blue

Fannie Mae owned properties are also eligible for Hurricane Victims to buy with a $15,000 assistance provided from Fannie Mae. Just like blue mentioned above, you need to have your FEMA letter stating your eligibility.

for fannie mae properties visit fanniemae.com for hud properties visit hud.gov