Can a Person Purchase a HUD Home with $100 Down Payment?
Can a person purchase a HUD home with $100 down payment? HUD is offering a $100 Down Payment Initiative for owner occupants purchasing a HUD Home with FHA financing. This incentive is also available to owner occupant purchasers who obtain a FHA Home Repair loan (203K). This means you can purchase a home with only $100 down.
Following are the criteria:
1. Property must be a HUD REO (foreclosure).
2. Buyer must be Owner Occupant - Buyer must live in the home for at least one full year. This program is not available to investors.
3. Loan must be FHA Financing or FHA Home Repair loan (203k) - You must be able to qualify for a FHA loan.
4. Buyer must bid full asking price.
5. HUD will pay up to 3% towards your closing costs if requested in the contract
6. You must have a HUD registered Broker/Agent in order to put a bid on a HUD home
Not all FHA lenders offer the $100 down payment loan so be sure to ask your lender if they participate. Here is the link where you can search for HUD Homes.
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