Buy HUD Home for $100 Down Payment
The HUD incentive program is designed to attract home buyers in the buying market to move excess housing inventory. Do not wait – this incentive program will only run for a short time! If you are looking to purchase a home with minimum cash requirements this program could be the answer!
To find a list of the available homes for this program, go to hudhomestore.com, select the State of Maryland and Buyer Type as All.
Buy HUD Home for $100 Down payment Requirements:
- Home buyer must offer the full asking price for the home
- Home buyer must live in the property for a minimum of 1 year (investors are not qualified for this HUD incentive program)
- Home buyer should use a FHA loan for the purchase of the home, e.g. (FHA 203b, 203k loans are acceptable)
- The home must be a HUD owned home
- The home buyer must use a HUD registered real estate agent or broker to qualify for this incentive program
- The property will be purchased by the home owner on an “As-Is” basis
- Eligibility is determined by HUD
- Contract of the home sale must confirm a $100 down payment program
Loan to value (LTV) should show that the home buyer has contributed $100 towards the purchase of the home. The appraisal value should support the sale price or higher
If the home appraised value is less than the sale price the home buyer will need to add to the purchase price to equate to $100 to meet the required down payment.
Thinking about purchasing a home in 2017? Give us a call today – we will refer you to one of our qualified Senior Mortgage Consultants to get pre qualified for a FHA loan.