Hud Foreclosures Only $100 downpayment required

Effective immediately, FHA has extended the $100 HUD Repo Program that allows borrowers to purchase HUD-owned properties. In addition to requiring only a $100 down payment, borrowers may also obtain financing up to 110% of the loan amount. Appraiser-required repairs up to $5,000 and all closing costs and pre-paid expenses may be financed up to 110% of the lesser of the appraised value or purchase price.

In many cases, additional HUD incentives apply. In some markets, additional borrower incentives, as high as $2,500, may be used toward closing costs and pre-paid expenses. In more limited markets, selling real estate agents may also be eligible for up to $500 in sales incentives when borrowers choose certain FHA financing. These incentives are provided by HUD, and may be changed or discontinued by HUD at any time.

HUD-owned properties may be researched on the Web sites of the management companies each
FHA Homeownership Center has hired to market HUD-owned properties under their jurisdiction.
FHA provides a link to each state’s management company at http://www.hud.gov/homes

.. NHMS – Florida, New York, New Jersey, Ohio

Not all states and/or counties may be eligible for the $100 down program.

I thought you all might be interested in this, have a great day!

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