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FHA Repo Homes

Federal Housing Administration Repo Homes

The FHA (Federal Housing Administration) is a government agency responsible for insuring loans for mortgage lenders. The agency is part of the Department of Housing and Urban Development (HUD) and exists to make lending safer for lenders. When a mortgage that is insured by the Federal Housing Administration goes into default, the home is eventually repossessed. The lender applies to the Federal Housing Administration, and the agency pays the lender for the money lost on the loan. In turn, the HUD gets the title to the house and tries to sell the property in order to recoup the money the agency has had to pay the lender.

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Why Government Foreclosures?

Since the HUD and the Federal Housing Administration are not in the business of real estate and since they have already lost money on the repo homes they have had to pay lenders for, these government agencies want to sell their FHA repo homes very quickly. This can often mean incredible savings for you, since these repo houses are often sold well below market value.

Good News About Repossessed Properties

There's more good news. Thanks to the growth in homeownership and the rise in foreclosures in the past several years, there are more repossessed homes than ever to choose from. You can find government repo houses across the country, in just about every community. Whether you are looking for a home or an investment, defaulted FHA mortgages mean real opportunity. The foreclosure industry is a multibillion-dollar industry and you can take part in it, thanks to homes sold by the FHA.

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