HUD with FHA financing is offering home buyers an option to pay $100.00 down for HUD properties. Large down payment requirements have made home ownership a challenge for many qualified home buyers. HUD’s latest announcement includes $100. down payment on HUD homes with FHA financing. Offers must be at or above current list price. Appraised value must be at or above appraised value. If appraised value is less than negotiated price than buyer will have to pay the difference if they still want to buy the home.
Incentives only apply to eligible homes located within HUD’s Denver Home Ownership Center, which includes Oklahoma, Arkansas, Kansas, Louisiana, Missouri, Texas, Utah and New Mexico.
The program is effective immediately for all offers provisionally accepted starting October 20, 2011 and extends through October of 2012.
HUD posted new FHA lending requirements September 2008, which guide lines eligibility for FHA financing. We call this the mortgagee letter 2008-23.
The mortgagee letter provides guidance to mortgagees regarding the new down payment requirement of 3.5% from 3% and the maximum mortgage requirements for single family mortgage to be insured with FHA.
Now may be a good time for you qualified home owners to take advantage of this offer while the government is wanting to dwindle down their inventory that’s available.