Showing posts with label HUD homes-how to buy. Show all posts
Showing posts with label HUD homes-how to buy. Show all posts

Get a HUD Home for $100 Down

Kentucky HUD Homes for $100 Down 


Get a HUD Home for $100 Down


Get a HUD Home 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 3 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.






Get a HUD Home for $100 Down

Buying a Home/U.S. Department of Housing and Urban Development (HUD)

Buying a Home/U.S. Department of Housing and Urban Development (HUD)

Buying a Home
Thinking about buying a home? We have information that can help! Got questions? Talk to one of ourhousing counselors!
1. Figure out how much you can afford
What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate.

2. Know your rights

3. Shop for a loan

4. Learn about homebuying programs

5. Shop for a home

6. Make an offer

7. Get a home inspection

8. Shop for homeowners insurance

9. Sign papers
You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!



Shopping for Your Loan


Closing the Deal


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