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

 

HUD 100 Down Program 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 Program 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 HUD $100 down program.

 

 

 

Please view this video to get a quick overview of the HUD $100 Down Payment Program!

 

 

 

 

The FHA $100 Down Payment Program Has the Following Requirements:

 

Example Of HUD Homes For Sale In Georgia1. 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.

TIP! Hiring an an attorney who specializes in foreclosure real estate can really help to protect you from making costly mistakes. You are going to want to have legal representation just in case there are any issues that occur during a foreclosure acquisition. 

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 $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.

 

TIP! If you're interested in investing in real estate, a good idea is to do so with the assistance of a broker or real estate agent. Real estate pros have tools and insights that may be difficult for you to access. 

What are HUD Homes?

Example Of HUD Homes For Sale In FloridaA 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.

 

TIP! When looking for new real estate investments, you should always focus on your goals. Figure out whether you are trying to meet your long-term goals or your short-term ones. 

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.

TIP! When you are buying a new property, you need to have some liquid funds available for unexpected expenses. Closing costs are generally calculated based on the down payment, interest rates the bank charges, and real estate taxes that have been pro-rated. 

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.

TIP! If you are seriously considering buying a home, take the time to measure it. Ascertain by checking public records that the owner has correctly listed the square footage of the home. 

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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