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There are several great HUD programs available to help those in need find affordable housing options. Whether you’re looking for HUD homes, HUD approved condos or HUD apartments, there are options out there. Let’s take a closer look at the different HUD programs available.

Public Housing Programs

As a part of the Fair Housing Act (FHAct), senior citizens receive protection from discrimination in regards to housing. As a way to make sure that they receive fair treatment, HUD offers senior housing programs and HUD housing assistance designated to meet the needs of senior citizens.

What is Housing for Older Persons?

For decades, home ownership has been touted as one of the main ways individuals and families could build their wealth. When a person makes regular and timely mortgage payments they are taking the essential steps towards building home equity. As the equity builds, the homeowner will end up owning more of their property than their mortgage lender. When that happens, new lines of credit will become available to the homeowner and that is where both reverse mortgages and home equity loans come into play.

Both reverse mortgages and home equity loans will allow you to use your home as collateral when borrowing money, but there are some start differences between the two.

The Obama administration said on Thursday that the nation’s largest mortgage loan servicers need “substantial improvement” in working with a government foreclosure prevention program. According to the administration, big banks have done a poor job of modifying distressed home loans at a time when borrowers need the help the most.

Big Banks Audited by Government

There are an unusually large number of homes on the market due to foreclosure. However, some of those foreclosed homes are actually HUD homes, meaning they were purchased with a HUD loan–one that was insured by HUD FHA.

If you’re looking to buy a foreclosed HUD home, you’re in for a process that’s different from the standard home foreclosure purchase. Here is what you need to know HUD foreclosures.

Fannie Mae issued new standards for mortgage servicers regarding the management of delinquent loans, foreclosure time frames and default prevention. The rules, released on Monday, fell under the Federal Housing Finance Agency’s Servicing Alignment Initiative and are meant to improve homeowner communications and modifications surrounding the processes following a delinquency.

Servicers to Follow New Rules Following a Delinquency

A retired Florida attempted foreclosure on a Bank of America office by pulling a moving truck up to the bank’s building and threatening to take furniture and other items. Purposefully creating a scene at a strip mall in Naples, the couple hoped to acquire money owed to them after the banking giant wrongfully attempted to foreclose on their home.

Bank of America’s False Foreclosure

You may have heard a lot about HUD Section 8 Housing, but what do you really know about it? Let’s explore the basics of Section 8 HUD Housing assistance and how it benefits low-income individuals in need.

What is Section 8 Housing?

Every type of home loan brings advantages and disadvantages, and reverse mortgages are no different. As baby boomers are entering retirement age, many of them are opting to supplement their incomes by tapping into the equity they have built into their homes. Reverse mortgage loans are one tool that allows those over the age of 62 to borrow against their largest asset, but they aren’t a good choice for everyone.

If you are approaching the milestone of retirement and are contemplating visiting a reverse mortgage lender to tap into your home equity, you need to know both sides of  reverse mortgages.

A new home price index revealed home prices have dropped to the lowest level seen since the middle of 2002. The index, released by S&P Case Shiller on Tuesday, found that prices dropped 4.2 percent from the prior three months, falling below prices seen during the 2009 housing bust bottom.

Prices Down 32 Percent from 2006