FHA Loan Program only 100.00 down!
HUD has initiated a temporary program to help sell some of its foreclosures. Called the HUD 100 Program, it allows buyers to purchase a HUD foreclosed home for $100 down instead of the typical 3% down on an FHA loan.
Some of the program requirements:
The $100 down payment is for owner occupants purchasing a HUD foreclosure with FHA financing on a full price offer. And, an escrow for repair is allowed.
This incentive is also available for owner occupant purchasers who obtain an FHA Home Repair Loan (203K).
The $100 down payment is based on the FHA Appraised Value. Buyers bidding over appraised value must pay the difference between the FHA appraised value and the bid price in cash.
This is a great way for first time home buyers to buy a home with a very small downpayment, especially since almost all 100% financing programs for first time home buyers are gone.
And remember, single-family FHA loan limits for the Dallas area are now $271,050.
Some of the program requirements:
The $100 down payment is for owner occupants purchasing a HUD foreclosure with FHA financing on a full price offer. And, an escrow for repair is allowed.
This incentive is also available for owner occupant purchasers who obtain an FHA Home Repair Loan (203K).
The $100 down payment is based on the FHA Appraised Value. Buyers bidding over appraised value must pay the difference between the FHA appraised value and the bid price in cash.
This is a great way for first time home buyers to buy a home with a very small downpayment, especially since almost all 100% financing programs for first time home buyers are gone.
And remember, single-family FHA loan limits for the Dallas area are now $271,050.
posted by KitKat Talks! at 7:43 PM
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