HUD $100 DOWN PAYMENT - Buy A HUD Home With Only $100 Down!

HUD $100 Down Payment is a great program where you can purchase HUD Homes foreclosures with only $100 down payment! It is a great program even if you have less than great credit and you want to buy a HUD forelclosed home and you do not have the money for the down payment.

HUD $100 Down Payment  is a special program where future homeowners can buy a HUD foreclosed home for only $100 Down Payment.  The normal down payment for FHA Home Loans is 3.5% and for conventional loans the down payment is up to 20%.

Most people that want to purchase a home really don't have a lot of money available for a down payment so they are left out of today's home market. But everyone should be able to come up with hundred dollars for a down payment.

But this is a government program and there are, of course, some strings attached. You have some requirements in order to take advantage of this $100 down payment program.

The $100 Down Payment Program Has the Following Requirements:

1. HUD Foreclosed Homes Only! This FHA $100 Down Payment Loan is for the purchase of HUD foreclosure homes.

2. Have to use FHA financing. You cannot use conventional financing.

3. This program is for Owner-Occupants only, not for Investors. You have to sign a form at closing stating you are going to live in the property and not use it has an investment such as a rental property.

4. You still need to have the earnest money of $1,000 for properties with a purchase price above $50,000 and $500 for properties with a purchase price of less than $50,000. Earnest money will be returned to you at closing as a credit on the Closing Statement.

4. You can ask HUD to pay for closing costs up to 3% of purchase price.

If you are going to buy a home in the near future, you need to consider HUD Homes with this HUD Homes $100 Down Payment Program. This program is a national program and the perfect HUD foreclosed home could be in your area.

Do you know what HUD Homes For Sale Are?  You can get more information about how to buy HUD homes by going to http://www.hud-home-expert.com

 First, a brief overview of the process of Buying HUD Homes.

What are HUD Homes?

A HUD Home is the result of a foreclosure on a FHA Home Loan.

When someone with a Federal Housing Administration (FHA) insured mortgage can’t make the payments, the lender forecloses on the home. FHA pays the lender what is owned and then the United States Department of Housing and Urban Development (HUD) takes ownership of the home.

Who Can Buy HUD Homes?

Buying HUD home is for almost everyone. Any individual who can qualify for a mortgage or who can pay cash may buy HUD Home.

Purchasers MUST have a pre-qualification letter from a lender or proof of cash funds in the amount of or greater than the HUD home purchase price.

HUD divides buyers into two groups, owner-occupants and investors. Owner-occupants have the initial advantage over investors.

Priority is given to purchasers who are owner-occupants for the first ten calendar days after a new listing is posted. Also, owner-occupants must live in the house as their primary residence for at least one year and may not purchase another HUD home for two years.

HUD does not provide financing for the purchase of HUD Homes. It is up to the buyer to locate the financing through a bank or mortgage company. Before you bid on a property, be sure you do have secured financing. If you place a winning bid and you cannot obtain financing within the specified time, you may lose the earnest money deposit that you submitted with your offer.

So, if you have the money or can qualify for a loan, you can buy HUD Homes.

How Do You Bid on HUD Homes?

All bids are made on the Internet. YOU HAVE TO USE A REALTOR!

Author: Al Hardymon

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