$100 Down Program has been reinstated in Texas for HUD Homes

$100 Down Program has been reinstated in Texas for HUD Homes. How does it work? The home has to be a HUD Home and approved for financing as an FHA loan. Terminology wise, in regards to HUD, that is an FHA insurable loan. You can view all available HUD homes throughout the nation by going to the website HUDHomeStore.com.

You still have to qualify for a mortgage, but instead of having to bring the minimum 3.5% down payment that FHA loans require, you can buy the home with $100 down. There are still closing costs that include things like Title policy, lender and title fees, insurance, taxes, surveys. The nice part is that HUD will even pay up to 3% of loan value of the home towards these fees if you ask for it in the original offer. You do have to offer full price, but with the reduction of your costs to get in it is worth it. Besides that, the price of the home was determined by an FHA appraiser. What that means to you is that you are buying a home at the right price.

One thing that I always recommend is go with a Realtor and a mortgage lender that has helped other buyers purchase HUD homes. The process is a little (depends on who you ask, for some a lot) different than a traditional home purchase, so the experience will make the process run much smoother and limit the number of possible issues along the way.

Feel free to give our office a call if you have questions or comments on the topic. Don’t delay, due to the interest rates and low entry fees get in before the rest of the crowd learns of the opportunity.

You can follow any responses to this entry through the RSS 2.0 feed.