Also written as:
HUD
The U.S. Department of Housing and Urban Development. Oversees FHA loans, runs first-time buyer programs, enforces fair housing laws, and provides foreclosure assistance.
HUD — the U.S. Department of Housing and Urban Development — is the cabinet-level federal department responsible for housing policy and programs. Established in 1965, HUD touches almost every aspect of American housing.
For mortgage borrowers, HUD's most direct role is overseeing the FHA (Federal Housing Administration), which insures FHA loans. HUD also runs Ginnie Mae, administers HUD-approved housing counseling agencies (which provide free pre-purchase and foreclosure counseling), enforces fair housing laws, and operates programs supporting public housing, homeless services, and community development.
If you ever face foreclosure or financial hardship with your mortgage, a HUD-approved counselor is one of the best free resources available. Their counseling is free and they're not selling you anything.
Example
After job loss puts you behind on your mortgage, you call a HUD-approved housing counseling agency. The counselor reviews your finances for free, helps you understand your options, and works with your servicer to negotiate forbearance — keeping you in your home.
Also known as
HUD, Department of Housing and Urban Development
Source:
HUD