Buy a HUD home for just $100 down !
I would like to talk about buying a home for just $100 down. That’s right, HUD has a program available that allows you to buy a HUD home for just $100 down in conjunction with a FHA loan.
Normally, FHA has a 3.5% down payment requirement, but this program works with just $100. It is available for owner occupied FHA insurable HUD homes.
On November 23, 2007, The Department of Housing and Urban Development better known as the HUD $100 Down Payment Program announced a new buyer’s incentive program which went into effect to allow home buyers to use a $100 down payment under certain circumstances. The $100 down payment HUD program allows people to buy homes in which they plan to live, using an FHA loan. The HUD $100 dollar program has great benefits for the buyer, including seller paid closing costs up to 3% and a FREE appraisal. You may not have to come to closing with any more than the $100 if the amount is sufficient to cover all of your closing cost. HUD homes eligible for the $100 down payment program have all been foreclosed upon by their lenders and the loans involved in the foreclosure were FHA-insured. Other foreclosures on which the loans were not insured by the FHA do not become HUD homes and are not eligible for the $100 down payment program.
All offers must be submitted online by a real estate agent who is registered with the Department of HUD.
HUD has a great site for answering all your questions about buying a home and FHA Financing.
100 Questions & Answers About Buying A New Home
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