HUD Foreclosured Homes With $100 Down Payment

Really! HUD offers a very specific product that allows borrowers to purchase HUD owned properties with $100 down. This is a very specific product with a very specific target market.

This is a traditional FHA loan complete with both upfront and monthly mortgage insurance, but without the 3.5% down payment. So lets hit the highlights:

1. Owner occupied only
2. HUD owned properties only
3. May add up to $5000 to the loan amount to finance required repairs
4. 1-4 units
5. Can use the existing HUD appraisal if sales contract was signed within 6 months completion
6. $100 down payment

Restrictions:

1. No Manufactured homes
2. No Spot approval condos
3. No Cooperatives
4. No working farms,
5. No foreclosure within the last 3 years
6. No bankruptcy within the last 2 years
7. No non occupant coborrowers
8. Max ratios 31%-43%

While this product is not a great fit for a lot of people, it is a home run for the people who fit!