One of the very best-est things about buying a HUD home as an owner occupant is the $100 down payment program available with FHA financing.
Since 80/20 mortgages went the way of the dinosaur, there have been only a few options for those who don’t have the cash for a traditional 3.5-5% down payment. One of those is to purchase a HUD home via FHA.
Unfortunately, the powers that be don’t do a very good job of promoting this program. That’s one reason why you want an agent – like me! – who is experienced in dealing with the paperwork and (unfortunately, rather frequent) policy changes of these programs. Using HUD’s standard offer to allow you 3% of the purchase price toward your closing costs, you might be able to purchase a home for little more than the required initial earnest money deposit.
If you’re one of the many who can afford to own your own home but can’t afford the down payment to buy your own home, HUD’s $100 down program might be a great way for you to experience the joys and tribulations of owning your very own piece of America.
Contact me for more information about this or any other HUD program.
Originally posted at Chattanooga HUD Homes
