$100 Down HUD FHA Loan Program
First off, this type of loan is not available in all areas and not all lenders are able to close this type of loan. If you are looking to purchase a home owned by Housing and Urban Developement (HUD) using FHA financing, you should ask your lender if they participate in the $100 Down Program. This program keeps more money in your pocket and makes the home more affordable. When buying a HUD home, it helps to use a lender and real estate agent that is familiar with the HUD process. This can make the transaction run smoothly and give you less of a headache. To check to see if a home is $100 down elgible, you can check HUD's website at www.hudhomestore.com.
Quick Facts about the FHA $100 Down Program
-$100 is the down payment, instead of the usual 3.5%
-Credit score requirement changes frequently, consulant a lender
-You can escrow up to $5,000 for required repairs (FHA 203b)
-FHA loans are only for owner occupied homes (No investors)
-HUD requires a good faith deposit on home ($500 for less than $50,000)($1,000 for more than $50,000)