HUD $100 Down Program Now Up to $342,700 Purchase Price!
Table of Content
FHA is the loan program for most first time home buyers. There are a couple of other rules we can fill you in on if you meet the first criteria - owner occupant qualified for an FHA loan program. Agents you simply need to enter $100 as the down payment amount on line 4 of the contract. The mortgage amount and the length of the mortgage should be marked "TBD" and we will notify the buyer of the actual loan amount and terms. If necessary, work with a lender or mortgage financing professional to determine your options including how much you will need for a down payment.
We help thousands of buyers just like you find a home you can call your own. At HomeSteps®, we help you find much more than a house, town home, condominium or duplex. We want you to feel confident about your decision to buy from us, and have the peace of mind you expect and deserve from your new home. HUD homes are currently available in nearly every GA county. To start searching for a HUD home in Georgia, visit the Pemco website here.
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.
A HUD home is a property that has been foreclosed on that originally used FHA insured financing to purchase the property. The homeowner could not make the payments for whatever reasons and the lender foreclosed on it. HUD then reimburses the lender for what is owed to the lender and HUD takes ownership of the property.
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.
HUD does not engage in the typical offer, counter-offer negotiations like in most transactions. You will not be informed of other offers made. Therefore, you should make your best offer from the outset!
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.
A word of caution, you need to make sure that the real estate agent that you use is experienced in buying HUD homes for sale. Buying a HUD home is a lot different then the normal real estate transaction. An inexperienced agent can cost you thousands of dollars. Should the property be in need of some minor repairs, HUD will allow up to $5,000 of required repairs to be held in an escrow account. If the property is in need of repairs in excess of $5,000, you can still purchase it using a FHA 203K Renovation loan.
As of the time of the publishing of this information there were 1179 properties available in Georgia. There are 57 in Cobb County, 10 in Cherokee County, 106 in Gwinnett County, 93 in Fulton County, 176 in DeKalb, and 42 in Paulding. That's a lot of opportunity but let's take the challenge and work together and move all of these properties buy mid-Summer. Agents, if you are interested in taking the challenge to sell ALL of these homes I will work with you to make it happen. HUD has brought back the $100 Down Payment Program for a limited engagement!
203b loans still receive the other incentives. Some of these Georgia HUD homes especially in Cobb are in very good shape. You can now buy a home with $100 down payment and finance it using FHA Home Loan Program.
Comments
Post a Comment