Frankly Speaking Blog

$100 Down Payment HUD Program Makes It Easy for Florida First Time Home Buyers

October 27th, 2011 10:22 AM by Frank Ferrell

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.

With a $100 down payment, you may soon realize your dream of home ownership.  I will do my part and find the right home for you!  Just call or text me at 407-227-2753.

 

Posted in:General
Posted by Frank Ferrell on October 27th, 2011 10:22 AM

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