HUD $100 Down Payment Program

HUD is offering a $100 down payment program on all HUD homes.  This is a great opportunity for Owner/Occupants (not investors) to get into a HUD home for only $100.00 down.   For your free list of home HUD homes, please contact us. 

 

HUD $100 DOWN PAYMENT

Owner occupancy

Primary Residence -- buyer must live in the home for at least one full year

Purchase price

Buyer must make full price offer to HUD (i.e. must offer HUD's full asking price)

Loan types available

FHA Fixed Rate 30 year, FHA Fixed Rate 15 year, FHA Secure 30 or 15 year, FHA Stimulus 5/1 ARM (Adjustable Rate Mortgage)

Income

Must be able to document enough income that your debt to income ratios are 31% / 43%

Maximum loan amount

$362,790

Property types

Single family residences, townhomes, Planned Unit Development homes, condos

Credit Score

Minimum credit score is 580(*)

Minimum 24 months since discharge of any bankrupties; 36 months since any foreclosure

(*) Many lenders are requiring middle credit score of 620 or higher

Eligibility

All borrowers must have a valid social security number. All borrowers must demonstrate 2 years of employment history.

Permanent Resident Aliens --
• Evidence of lawful, permanent residency issued by the Bureau of Citizenship and Immigration Services (BCIS), formerly the INS.
• Copy of the Alien Registration Receipt Card (Resident Alien card), I-551

Non-Permanent Resident Aliens
• Primary residence
• Borrower must be eligible to work in the U.S.
• Evidence of valid Social Security number required
• Evidence of residency and work status to be obtained through documentation from US Bureau of Citizenship and Immigration Services (BCIS) formerly INS
• Copy of the Employment Authorization Card, I-688B. This card carries an expiration date.
• A social security card is not acceptable as evidence of work status.

Reserves

There is no reserves requirement for the program

Mortgage Insurance

FHA mortgage insurance is required on all loans