Buy A HUD Home Foreclosure With Only

 $100 Down Payment!

Recently most of the 100% no money down programs has been eliminated from the market. The lowest down payment amount now is 3.5% offered by FHA financing. But there is an exception for HUD foreclosures in some states. You can buy a HUD home foreclosure with only $100 down payment. The HUD $100 Down Payment Incentive Program is a great deal.

The HUD $100 Down Payment Incentive Program comes with some qualifications or restrictions. Isn't it just like the government to throw some "catches" into a good program.

The requirements to qualify for the HUD $100 Down Payment Incentive Program are:

1. You have to use FHA financing.

$100 Down payment incentive is only for purchasers of HUD homes for sale using FHA financing. The normal down payment for a FHA loan is 3.5%.

2. You have to be an "owner-occupant".

"Owner-Occupant" is HUD's word for homeowner. You are buying the property to live in not as an investment. This incentive is not for investors!

3. The $100 Down Payment Incentive applies to the appraised valve of the property.

The purchase price of the HUD home must equal or less than the appraised valve of the property. When HUD puts a HUD foreclosure on the market it will have an "appraised as-is" market valve. If your accepted bid price is more than the appraised value, you can obtain a new FHA appraisal to support the higher mortgage amount or you can pay cash in the amount of the difference between the appraisal and the price less $100.

Ok, that may be a little confusing. An example would be if a HUD home is listed at an appraised valve of $100,000 and you get an accepted bid of $110,000. You can get a new FHA appraisal supporting the $110,000 price OR you could bring $9,900 ($10,000-$100) down payment to closing. That would defeat the purpose of the $100 Down Payment Incentive.

4. The $100 Down Payment Incentive has to be on the executed contract.

The HUD $100 Down Payment Incentive Program has to be on the executed contract presented to the closing agent by the M & M Contractor. What this means that you have to request this incentive when you sent the signed contract to HUD's M & M Contractor. In  Georgia the M & M Contractor is PEMCO in Atlanta.

Now is the time to take advantage of all of the HUD Homes for Sale and The HUD $100 Down Payment Incentive Program!