HUD Offers REO Homes for $100 Down in Select States (DSNews)

[chill_wind]

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.

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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.

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-100-down-in-select-states-2011-10-24