Kentucky HUD Homes for $100 Down
If you can handle those qualifiers, here's the deal:
• You can only buy HUD homes. Go to the HUD Homes For Sale web page.
• You must use a HUD-registered real estate broker or agent.
• You must qualify for and use Federal Housing Administration (FHA) financing.
• You must plan to be an "owner-occupant," buying the property to live in and not as an investment.
• The home's purchase price must be no more than the appraised value of the property. If you bid a higher price you can pay the difference in cash, minus $100.
• The $100 down incentive must be on the executed contract. That means you have to specifically request the incentive. Your real estate agent should be aware of this provision.
• In some cases, HUD will also cover up to 6 percent of the closing costs.
• The $100 down payment program is eligible for the FHA 203(k) loans. The loans allow borrowers to use a portion of their purchase loan to repair and renovate run-down homes.
That's a good thing because HUD homes are sold in an "as-is" condition -- what you see is pretty much what you get. You could find a diamond in the rough or fool's gold. HUD homes often include a property condition report, but that is not a warranty.
The property report can resemble a home inspection report, but HUD home buyers are always encouraged to get a home inspection to determine just what "as is" is.
Watch video for more detailed info on getting approved for a HUD $100 Down FHA loan in Kentucky👇
How It Works
For HUD-owned homes only (found on HUDHomeStore.gov)
Owner-occupants only (no investors or vacation homes)
Must use FHA financing through an approved lender
May include up to 6% HUD-paid closing cost assistance
Compatible with FHA 203(k) rehab loans for homes needing repairs
Steps to Get Started
1️⃣ Get pre-approved with an FHA-approved lender
2️⃣ Work with a HUD-registered real estate agent
3️⃣ Browse listings at HUDHomeStore.com
4️⃣ Submit your bid with the $100 down incentive listed on your contract
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Joel Lobb
Email - kentuckyloan@gmail.com
Call/Text - 502-905-3708
www.mylouisvillekentuckymortgage.com
911 Barret Ave., Louisville, KY 40204
Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916
Kentucky Mortgage Loan Expert For Kentucky FHA, VA, USDA, Fannie Mae and KHC Down payment Assistance Loans
