Table of Content
They would be more than happy to help you, with the entire qualifying process. With the recent housing market crash and the credit crunch the options for buying a home with no or low payment has been pretty much wiped out. But there is one great option still available in some parts of the country and that is buying HUD homes for sale by using the HUD $100 Down Payment Program.
$100, that is all you'll need for a down payment to buy a home offered for sale by HUD. Inform your lender that you are purchasing a HUD home using the $100 down program. If your lender isn’t familiar with the program we’d be happy to work with them throughout the process. Again, we will walk you through the entire process from start to finish.
Buy a HUD Home in Georgia for Only $100 Down
The 203K loan allows the buyer to purchase a home that has required repairs above the FHA limit of $5,000. Even if there are not required repairs, the 203K loan can be used to update the property. As mentioned before, if you are going to finance your HUD owned home purchase you must do so with an FHA mortgage. More than likely you will utilize the FHA 203b or the FHA 203k Renovation Mortgage.
Maybe - there are a couple of rules but they don't exclude the majority of buyers. Sorry to say that Ken Cook cannot use this program to buy a home but maybe YOU can and if you are an agent I am certain one of your clients can. Should a property your interested in need some minor repairs, HUD will allow up to $5,000 of required repairs to be held in an escrow account. Department of Housing and Urban Development has brought back the $100 down payment plan. This could be a tremendous opportunity for some people, first time home buyers or perhaps those looking to downsize. We currently have homes for sale in many areas throughout the country.
LIMITED-TIME INCENTIVE PROGRAM FROM US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD)
You will need between $500 and $2,000 for the earnest money deposit depending on the purchase price. The earnest money deposit is required within 72 hours of offer acceptance and signing official contract. It is also included as part of your closing costs. Your other out-of-pocket costs prior to closing may be appraisal and inspection costs. A mortgage application fee may be required.
This is a limited time incentive program from HUD. A repair escrow is an account set aside at your closing which is used to pay for health and safety repairs to your property. HUD determines how much repair escrow they will allow on each property. If you want to take advantage of the repair escrow, you will need to add that amount to your loan total, and you must make the repairs prior to having the funds released to you. In other words, you will be reimbursed for your out-of-pocket costs. Any property listed on the HUD website and available for FHA financing are eligible.
New Purchase Program changing the way we Buy Home!
Buyer must be an owner occupant to qualify. To qualify for the $100 down program the purchase price cannot exceed $356,500. Even though you only have to pay $100 down payment you will still need the required earnest money. HUD requires a buyer to submit with the Purchase Contact earnest money of $1,000 if the purchase price is over $50,000 and $500 if the purchase price is under $50,000. HUD will contribute up to 3% of the sales price toward the buyer’s closing costs. HUD Home Store is the listing site for HUD real estate owned single-family properties.
Search our available homes or visit Freddie Mac’s website to learn more about buying a home or how much home you qualify for. Our company has been helping renters in the south Florida area become proud and happy homeowners for the past 21 years. We have a mission that everyone in our company lives by and believes in. We work harder than anyone to make sure that your home-buying experience is a pleasure one. We’ve been specializing in HUD homes since 1998 and have extensive knowledge regarding their programs and how they can help you.
HUD Homes
So even if there are not required repairs, the 203K loan can be used to update the property. 203k loans come in 2 types; the streamline up to $35k and the standard for amounts greater than $35k. All properties advertised to the general public are eligible for this incentive. You should also be aware that this incentive is available to “Katrina tenants” who purchase a HUD home with FHA financing. This program is not nation-wide; it is currently being offer in about half of the states. You should contact a local HUD approved Real Estate Broker to see if it is currently being offer in your state.
These costs could be included in the 3% closing costs contributed by HUD if requested and approved. Request a Good Faith Estimate from your bank or broker to determine your total closing costs. HUD is currently offering it's $100 Down Payment program on it's Georgia REO properties. Don't miss out on this GREAT opportunity to purchase a home. For a limited time, you can purchase a Georgia HUD Owned property using a FHA loan with only $100 down. The $100 down is instead of the normal 3.5% down payment requirement that is typically required for an FHA loan.
Since HUD is only requiring $100 down on FHA qualified homes and in many cases, will agree to pay the buyer’s closing close up to 3% buying could not be easier. You simply cannot afford to miss this opportunity. The HUD $100 program has been in existence for many years, but nothing last forever. Community HOME Investment Program - some cities and counties use CHIP funding from the state to offer down payment assistance and/or repair assistance. If your community was approved for CHIP funding, contact your local government housing department to learn more. First, we need to discuss what a “HUD home” is.
This offer is valid for owner-occupants only. There is not a first-time home buyer requirement. Purchase price can be up to $342,700 in the Metro-Atlanta area. This super program allows you to ask for up to 3% seller concession of the agreed upon sales price to apply toward allowable closing costs.
No comments:
Post a Comment