Speak the language
Glossary of HUD home-buying terms
The vocabulary HUD, asset managers, and brokers use — decoded in plain English.
- $100 Down Program
- A promotional FHA financing option letting qualifying owner-occupant buyers put down as little as $100 on select HUD listings, through participating lenders.
- All Bidders Period
- The period after the owner-occupant priority window ends, when investors and any other buyer type may submit bids.
- Amendatory Clause
- A required addendum stating you aren't obligated to complete the purchase if the appraised value comes in below the agreed sale price.
- As-Is / Where-Is
- The condition HUD homes are sold in. HUD generally makes no repairs and offers no warranty on condition, before or after your bid is accepted.
- Asset Manager
- The HUD contractor responsible for managing, marketing, and reviewing bids on HUD-owned properties in a given region.
- Case Number
- The unique FHA identifier assigned to every HUD-owned property — used to look it up and bid on HUD Home Store.
- Certification of Occupancy Intent
- The statement an owner-occupant buyer signs promising to live in the home as a primary residence for at least 12 months. Misrepresenting this is treated as a serious federal matter.
- Dollar Homes
- HUD homes unsold for an extended period and priced at $25,000 or below, offered to local governments and approved nonprofits — not individual buyers — for $1 to support affordable housing.
- Earnest Money Deposit (EMD)
- A good-faith deposit — commonly $500 to $2,000 depending on the case — due in certified funds shortly after a winning bid is accepted.
- FHA 203(b)
- The standard FHA mortgage used to purchase a move-in-ready, or Insurable-status, home.
- FHA 203(k)
- FHA's rehabilitation loan, financing both the purchase and the repair of a fixer-upper in a single loan — Limited for lighter work, Standard for major rehab.
- Good Neighbor Next Door (GNND)
- A HUD program offering a 50% list-price discount to teachers, law enforcement officers, firefighters, and EMTs buying in designated revitalization areas, with a 3-year occupancy commitment.
- HUD Home Store
- HUD's official online marketplace (hudhomestore.gov) where HUD-owned properties are listed and bids are submitted.
- HUD-9548
- The standard HUD Real Estate Sales Contract form used to formalize a HUD property purchase.
- HUD-Registered Selling Broker
- A real estate broker approved by HUD to submit electronic bids on a buyer's behalf. Required on every HUD purchase, regardless of buyer type.
- IE — Insurable with Escrow
- Case status meaning the home needs minor repairs, historically under about $10,000, financeable through an FHA repair escrow set up at closing.
- IN — Insurable
- Case status meaning the home meets FHA minimum property standards as-is — eligible for standard FHA, conventional, or cash financing.
- Lead-Based Paint Disclosure
- A required disclosure, plus an inspection opportunity, for any HUD home built before 1978.
- Net Bid
- The amount HUD actually nets after subtracting any buyer-requested closing-cost credits from the offer price. HUD ranks bids by net value, not the sticker price.
- Owner-Occupant Priority Period
- The exclusive window — 15 days on FHA-insurable homes, 5 days on non-insurable homes — during which only owner-occupant buyers may bid.
- Property Condition Report (PCR)
- HUD's basic, non-warranted summary of a property's visible condition, provided for reference only — not a substitute for your own inspection.
- Repair Escrow
- Funds held back at closing to cover required repairs on an IE or 203(k) property, released to the buyer as work is completed.
- UI — Uninsurable
- Case status meaning the home needs more significant repairs and doesn't qualify for standard FHA financing — typically 203(k), rehab, or cash.
- UK — Unknown
- Case status meaning HUD hasn't finished assessing the property's condition yet.