HUD announced yesterday that effective immediately all offers accepted on HUD Homes after 10/19/2011 and located in Louisiana will qualify for the $100 down payment sales incentive. Act Now Before Inventory’s Sell Out. Homes being sold for just $100 Down Payment won’t last long and the program is scheduled to end on October 18th, 2012!
What are HUD Homes?
A HUD Home is the result of a foreclosure on a FHA Home Loan.
When someone with a Federal Housing Administration (FHA) insured mortgage can’t make the payments, the lender forecloses on the home. FHA pays the lender what is owned and then the United States Department of Housing and Urban Development (HUD) takes ownership of the home.
What are the requirements for this incentive?
- HUD Foreclosed Homes Only! This FHA $100 Down Payment incentive is for the purchase of HUD foreclosure homes.
- Home must be financed with an FHA mortgage which includes the FHA 203k. You cannot use conventional financing.
- This program is for Owner-Occupants only, not for private investors. You have to sign a form at closing stating you are going to live in the property and not use it has an investment such as a rental property.
- You can ask HUD to pay for closing costs up to 3% of purchase price and Broker’s Best Mortgage offers premium priced mortgages to cover additional closing cost and establishing your escrow account to fund your annual taxes and insures obligations and premiums. What does this mean? It means you can purchase a home now for just a $100 down payment.
- Allowable only on full price contracts
- Contact any of the highly skilled Agents listing on our Facebook Home Buyer’s Educational Page to assist you negotiating a contract with HUD.
Notice to Real Estate Agents
Please note that the loan amount cannot exceed the full list price; therefore, a sufficient amount needed to cover upfront MIP must be included in the sales contract or the buyer will have to pay that amount out of pocket at closing. We strongly recommend you ask for the 3% Seller Concession HUD will offer if asked and contact your Mortgage Planner before you present you bid to get pre-qualifed and insure your Home Buyer receives the maximum benefit of this program through premium pricing should you need to included fund to cover prepaid escrows and closing cost.
Contact the Denver FHA Resource Center
(800) CALLFHA (800) 225-5342 for more details
Checkout Our Distressed Home Buying Slides
Large Power Point Presentations will need to be downloaded directly from Slidehare
by clicking on the links just above each presentations to gain full access of valuable links.
SHORT SALES & FHA 203K OR FNMA HOMESTYLE
FHA 203K ~ A DISTRESSED HOME MARKETING TOOL FOR REALTORS
FANNIE MAE HOMESTYLE ~ A DISTRESSED HOME MARKETING TOOL FOR REALTORS
