The United States Department of Housing and Urban Development, better known as HUD, is actually a cabinet department within the executive branch of our government. This is one of the many executive branches of government that exists in our country today. The purposes of the Department of HUD are to promote affordable housing through the utilization of a system of federal housing agencies. Housing agencies in turn, provide financing to private persons to purchase homes or other real property. The most important function of the Department of HUD is to administer and manage these programs for the general welfare of the American people.
To become a member of this department, you need to be an American citizen with a valid federal employee ID number. Once you meet the above criteria, you will be assigned a counselor who will be responsible to assist you in filling out the FHA home loan application forms. You will also be assigned a loan officer who will assist you with the FHA mortgage application. You may also be able to get a loan counselor on call from HUD if you have questions about how to proceed with your housing related application. The entire process usually takes about a week to complete.
In order to receive the funds, you will need to submit an application for either the FHA or the VA loan. Both types of financing are available through HUD housing loans. If you are a veteran you can apply directly to the VA for a VA loan. But if you are a non-veteran and plan to live in the home as your principal residence, you will need to contact the US Department of HUD to find the appropriate FHA loan.
There are two main functions of the US Department of HUD. The first is to carry out the policies set forth in the Making Home Affordable Act (MHA). The primary objective of this policy is to prevent foreclosure of property by helping those who are most in need of low cost housing obtain it. The second main function of the Department of HUD is to carry out fair housing policies that will promote affordable and quality housing for all qualified persons. Although both of these goals are important, there are other functions that they may also perform.
One of the many ways that the US Department of HUD can use their funds is to provide financial aid for those who are facing the possibility of losing their homes. Many families who have been waiting for a down payment on a new home find themselves facing this possible circumstance without any kind of assistance from anyone. Sometimes it is simply not possible to provide a large down payment. This is not the only reason a family may lose their home. Other reasons that some families find themselves facing this possibility include bad credit, unavoidable health problems, and unforeseen expenses such as college tuition.
These situations can seem devastating, but in most cases they are not beyond the reach of the US Department of HUD. Through a variety of financial aid programs, including the EEO and IVA programs, the US Department of HUD can help a family facing an impending loss of their home to save their home. In some cases they even have the option of selling the house and purchasing another once they have met all of the necessary requirements. In other cases, the family may simply choose to remain in their home and use the money received from receiving the financial aid for other housing needs.