$100 Dollar Down HUD Homes$100 down payment HUD Home Program information
HUD (Department of Housing and Urban Development) has announced a special sales program which allows qualified buyers to buy HUD homes with a down payment of only $100, as long as:
* The buyer will be an owner-occupant of the property for at least one year (Please note that investors do not qualify for this incentive)
* The buyer uses an FHA loan for the purchase.
Remember that all foreclosed properties are not owned by HUD. The key is whether or not the previous homeowners had an FHA loan before the house went into foreclosure -- if they did, then home the reclaimed by HUD to be put back on the market for sale. If not, the bank which owned the foreclosed mortgage owns the home and tries to re-sell it.
Homes such as those owned by banks do not qualify because the borrowers did not have an FHA loan. They must be purchased using typical market loans and programs.
Another important point is that not all buyers qualify for the FHA loans. In order to use this program, you must meet the qualifications for an FHA-insured loan.
Here is how the the program works
Each week, a new liist of new HUD homes which hit the market. For the first ten days, HUD only accepts offers from "owner occupied" buyers -- that is, from people who intend to live in the home themselves. On the eleventh day, HUD MAY either pull the home to repackage/reprice it and list it again with a new 10 day bid deadline, or they will open up bidding to "non owner occupied" buyers -- people who intend to rent the home to others.
Step 1 -- Get pre-qualified for the $100 downpayment HUD Homes Program
Step 2 -- Choose search area and type of home (e.g. West Cobb - 3 bedroom, 2 bath with 1,800 square feet or more)
Step 3 -- Tour homes in your area which meet your requirements
Step 4 -- Work with me, an Authorized HUD Agent to place an offer to buy the home you've chosen
Step 5 -- Compete with other offers on the same property, if HUD receives any
Step 6 -- Close on your purchase using an FHA-insured loan.
It's not that hard -- but the first step is to get pre-qualified |
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