$100.00 HUD Home Program Kentucky


$100.00 HUD Home Program Can you really buy a HUD home for a total of $100? Absolutely not! But if you’re a qualified buyer, you can use an FHA loan to buy one of HUD’s specifically designated homes for sale — with only a $100 down payment! For a limited time, $100 down payments are available to owner-occupied home buyers when purchasing a HUD home for full price and using an FHA-insured new home loan. This is a national program, and there are qualifying homes in every state. Please contact us for additional information or click here to view some Frequently Asked Questions. ——————————————————————————– PROGRAM INFO: HUD (the US Department of Housing and Urban Development) has announced a limited-time sales incentive program which allows qualified buyers to buy HUD homes with a down payment of only $100, as long as: The buyer will live in the property for at least one year (investors do not qualify for this incentive) The buyer offers the full asking price for the home, and The buyer uses an FHA loan for the purchase. Not all foreclosure properties are owned by HUD. The key is whether or not the homeowners had an FHA loan before they lost their house — if they did, the home goes back to HUD for re-sale; if not, the bank which owned the foreclosed mortgage owns the home and tries to re-sell it. Those homes — owned by banks, because the borrowers did not have an FHA loan — do not qualify for this program. Not all buyers qualify for the program either — you have to meet the qualifications indicated below for an FHA-insured loan. ——————————————————————————– PROGRAM REQUIREMENTS: Owner occupancy Primary Residence — buyer must live in the home for at least one full year Purchase price Buyer must make full price offer to HUD (i.e. must offer HUD’s full asking price) Loan types available FHA Fixed Rate 30 year, FHA Fixed Rate 15 year, FHA Secure 30 or 15 year, FHA Stimulus 5/1 ARM (Adjustable Rate Mortgage) Income Must be able to document enough income that your debt to income ratios are 31% / 47% Maximum loan amount $362,790 Property types Single family residences, townhomes, Planned Unit Development homes, condos Credit Score Minimum credit score is 580 Eligibility All borrowers must have a valid social security number. All borrowers must demonstrate 2 years of employment history. Permanent Resident Aliens — Evidence of lawful, permanent residency issued by the Bureau of Citizenship and Immigration Services (BCIS), formerly the INS. Copy of the Alien Registration Receipt Card (Resident Alien card), I-551 Non-Permanent Resident Aliens Primary residence Borrower must be eligible to work in the U.S. Evidence of valid Social Security number required Evidence of residency and work status to be obtained through documentation from US Bureau of Citizenship and Immigration Services (BCIS) formerly INS Copy of the Employment Authorization Card, I-688B. This card carries an expiration date. A social security card is not acceptable as evidence of work status. Reserves There is no reserves requirement for the program Mortgage Insurance FHA mortgage insurance is required on all loans ——————————————————————————– Frequently Asked Questions: Q: Which properties are eligible for the $100 down payment incentive? A: Any property listed as available for FHA financing (203B only) will be eligible. However, the purchaser must be an owner occupant to qualify and the full price offer must be accepted after the effective date. Properties with an accepted offer or currently under contract will not qualify. Q: What is a “full price offer?” A: The current list price is a full price offer, even if the property has been price reduced. HUD will still pay up to 3% of the list price for closing costs and up to 5% for the selling agent commission. This is a great opportunity for buyers to purchase a HUD home at a reduced price and with an affordable down payment. Q: Are properties listed under special programs available for the $100 down payment incentive? A: Properties sold under the Good Neighbor Next Door Program currently have this provision if FHA financing is used Q: I won the bid on a HUD home, but bid more than the appraised value to ensure that they would be awarded the property. Can I still buy the home for $100 down? A: The down payment amount should remain the same, but you would still be required to bring in the difference between the accepted offer and the appraised value in cash at closing. Q: I was awarded the bid on an eligible property, but submitted the offer and contract using conventional financing. Will the incentives apply if they switch to FHA? A: As long as the property and bid meet the eligibility requirements and an amendment to the sales contract changing financing is approved, buyers may take advantage of the $100 down payment incentive. Please do not hesitate to contact us for assistance and guidance regarding this process. Q: How long will this incentive program last? A: HUD has not published the length of time these incentives will be offered.

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2 thoughts on “$100.00 HUD Home Program Kentucky

  1. Write more, thats all I have to say. Literally, it seems as though you relied on
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