How To Pay Just $100 Down To Buy A House…

Did you realize you can purchase houses directly from HUD for $100 down?

HUD designates some of the homes they own as being eligible for their $100 down program. You would just need to ask your realtor for a list of these homes in your area.

Here are some of the requirements for this $100 program…

1) The buyer will live in the property for at least one year (investors do not qualify for this incentive).

2) The buyer offers the full asking price for the home, and the buyer uses an FHA loan for the purchase.

3) Buyers must use a HUD-registered real estate broker or agent in order to get the incentive.

4) The property must be purchased “as-is.”

5) Cannot be combined with a Streamlined 203k or a 203b Repair Escrow transaction.

6) The subject property must be located in an eligible area only.

7) HUD determines which areas are eligible.

8) Contract of Sale must acknowledge the $100 down program.

9) LTV (loan to value ratio) is based on the borrower contributing $100 of sales price (appraised value must support sales price or higher).

That’s it for today!