Attention home occupied buyers, HUD has a home waiting for you….
In select states, (Florida is one) from now into October of next year, buyers need a down payment of only $100 to purchase a HUD-owned REO home. The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Standard FHA underwriting guidelines apply, and the sale must be for the full amount of the current list price.
HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home.The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan.
With an FHA 203k loan, “buyers can find a property that needs some TLC, fix it up however they want to, and finance the whole thing for $100.
In addition to $100 down instead of FHA’s typical 3.5 percent down payment, HUD says it will also cover up to 3 percent of the closing costs in most cases.
Denver Homeownership Center’s Jurisdiction:
- New Mexico
- North Dakota
Atlanta Homeownership Center’s Jurisdiction:
- North Carolina
- South Carolina
teamDoral is a RE/MAX Premier Associates Group. Richard Recuset is a Realtor®,team leader, Short Sale Agent, Listing Marketing Specialist,Certified Distressed Property Expert (CDPE), and Certified Commercial Specialist (CCS), serving the City of Doral, Fl and surrounding areas.
*Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice and is for information purposes only. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement