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.
To receive a list of the HUD homes that fit your needs just click this link to see a list of HUD homes for sale in the Research Triangle Region including the cities of Raleigh, Durham, Chapel Hill, Cary Apex and more.
You can always call me if you need additional information too!