People sometimes ask us about the HUD Dollar Home Program. The United States Department of Housing and Urban Development (HUD) sponsors many programs that directly help homebuyers, but the Dollar Home Program is slightly different. In short, you can’t simply buy a foreclosed home for a dollar using the HUD Dollar Home Program. The program does sell homes for a dollar, but they sell these homes to local governments. So, if a home is foreclosed upon and it isn’t sold in six months, then it’s offered for sale to the local governments for just $1.
Homebuyers can still benefit, but they can’t buy the FHA foreclosed home for one dollar. These homes usually don’t sell because they need significant improvements to be move-in ready. This program allows local governments to take over and fix up the home. Then, the local governments sell these homes to low-to-moderate income families. These families benefit by having access to lower cost homes. The community benefits by eliminating a vacant home. Vacant homes can often become dangerous and they definitely bring down home values in the area. The communities also benefit because the program attracts new residents and even new businesses.
Here’s the explanation in HUD’s own words:
“By selling vacant homes for $1 after six months on the market, HUD makes it possible for communities to fix up the homes and put them to good use at a considerable savings. The newly occupied homes can then act as catalysts for neighborhood revitalization, attracting new residents and businesses to an area.
“Local governments can partner with local nonprofit homeownership organizations or tap into existing local programs to resell the homes to low-to-moderate income residents of the community.”
Click here to see HUD homes in Florida.
We Are Your Indian River County Experts
Please consider our team at Alex MacWilliam Real Estate whether you’re selling your home or looking for a new one. We love helping make people’s dreams come true. Plus, we’re experts in this area. Want to find a place to golf in Vero Beach? Just ask one of our skilled realtors while touring your potential new house! Our realtors will try to answer any questions you might have about amenities you can find nearby. Also, check out our Vero Beach relocation guide.
Feel free to use our online search tool to find Vero Beach real estate from your device now. Plus, while you’re at it, also check out:
- Open houses in Vero Beach
- Featured Vero Beach real estate
- 55+ condo communities in Vero Beach
- Single family homes in Vero Beach with acreage
So, if you are considering relocating to Vero Beach, please contact us today. Our real estate team is extremely knowledgeable about the area and can find the perfect home for you. Call us at 772-231-6509 to talk to a Realtor® in Vero Beach, FL today. We can search the MLS and find your dream home.