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HUD Offers REO Homes for $100 Down in Select States (DSNews) [View All]

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chill_wind Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-24-11 06:32 PM
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HUD Offers REO Homes for $100 Down in Select States (DSNews)
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HUD Offers REO Homes for $100 Down in Select States
10/24/2011 By: Carrie Bay


HUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers.

In select states, 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.

(snip)

HUDs $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.



Plus article says HUD will help with closing costs in most cases. List of eligible states from the link:

Arkansas
Colorado
Iowa
Kansas
Louisiana
Missouri
Minnesota
Montana
Nebraska
New Mexico
North Dakota
Oklahoma
South Dakota
Texas
Wisconsin
Wyoming
Utah
Alabama
Florida
Georgia
Kentucky
Illinois
Indiana
Mississippi
North Carolina
South Carolina
Tennessee
Caribbean




See more:

http://www.dsnews.com/articles/hud-offers-reo-homes-for...
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  -HUD Offers REO Homes for $100 Down in Select States (DSNews) chill_wind  Oct-24-11 06:32 PM   #0 
  - Caribbean?  Liberal_in_LA   Oct-24-11 06:39 PM   #1 
  - Second home!  Demeter   Oct-24-11 06:40 PM   #4 
  - yep  Liberal_in_LA   Oct-24-11 07:03 PM   #16 
     - Carribean is Puerto Rico  Demeter   Oct-24-11 07:06 PM   #18 
  - Puerto Rico and the US Virgin Islands. nt  TheWraith   Oct-24-11 06:41 PM   #5 
  - oh ok  Liberal_in_LA   Oct-24-11 07:03 PM   #15 
  - Must be "owner-occupant" but  chill_wind   Oct-24-11 06:50 PM   #11 
  - Right, that's designed to prevent people from buying properties for investment.  TheWraith   Oct-24-11 06:56 PM   #12 
     - Thanks.  chill_wind   Oct-24-11 07:16 PM   #23 
        - I agree. Plus it benefits both the new owners and the neighborhood.  TheWraith   Oct-24-11 07:25 PM   #24 
           - Exactly.  chill_wind   Oct-24-11 07:44 PM   #27 
  - LOLOL!  shanti   Oct-24-11 07:40 PM   #26 
  - Why not Michigan?  Demeter   Oct-24-11 06:39 PM   #2 
  - Why not all states? nt  valerief   Oct-24-11 06:40 PM   #3 
  - At first guess, they may be doing it only in the states with highest foreclosures...  TheWraith   Oct-24-11 06:42 PM   #6 
  - Oh that's a great idea.  Shagbark Hickory   Oct-24-11 06:43 PM   #7 
  - Would you like to offer up some actual information-based commentary?  TheWraith   Oct-24-11 06:44 PM   #8 
     - What could go wrong?  Shagbark Hickory   Oct-24-11 06:47 PM   #9 
        - So I'll take that as "No, I have only general negativism and anger." nt  TheWraith   Oct-24-11 06:48 PM   #10 
           - That's an understatement. n/t  Shagbark Hickory   Oct-24-11 06:58 PM   #13 
  - No one with a FICO score below 800 and 20% down need apply  Kennah   Oct-24-11 07:00 PM   #14 
  - Did you even read the headline? It says as little as $100 down.  TheWraith   Oct-24-11 07:12 PM   #20 
     - I was being facetious about the 20% down, but it would be interesting to see credit requirements.  Kennah   Oct-24-11 07:15 PM   #22 
  - Question: What does REO stand for? Not familiar with the term.  shraby   Oct-24-11 07:04 PM   #17 
  - It means Real Estate Owned.  TheWraith   Oct-24-11 07:11 PM   #19 
  - Thank you.  shraby   Oct-24-11 07:14 PM   #21 
  - All I can think of is REO Speedwagon. nt  valerief   Oct-24-11 08:03 PM   #28 
  - HUD portal- home listings, faq files more:  chill_wind   Oct-24-11 07:34 PM   #25 
 

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