HUD $100 DOWN PAYMENT - Buy A HUD Home With Only $100 Down!
Normally, FHA has a 3.5% down payment requirement, but this program works with just $100. It is available for owner occupied FHA insurable Department of Housing and Urban Development (HUD) homes. The HUD $100 down program, started 11/23/07, is a great opportunity to get into a foreclosed home for only $100 dollars.
The $100 Dollars Down Program allows people to buy homes in which they plan to live, using an FHA loan, as long as they offer HUD the full amount at which the home is listed. Using the HUD $100 dollar program has great benefits including seller paid closing costs up to 3% and a FREE appraisal. You will not have to come to closing with any more than the $100 if you get them to cover all your closing costs the right agent can make this happen.
HUD homes eligible for the $100 down payment program have all been foreclosed upon by their lenders; 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.
There is one catch, finding the right house. As you can imagine finding the right HUD foreclosures in the right neighborhood at the right time. If you can qualify for a FHA loan; you may be a new home owner with only one Benjamin out of your pocket; not a bad way to get into your new home.