If you’ve been considering buying a new home, odds are that you’ve been saving up money for a long time just so that you can afford to put forward a large down payment. We applaud you for going about things the right way, preparing for that big initial investment.
So don’t hate us when we tell you that you can move into a home for as little as $100 down. Just one bill.
The trick is understanding the HUD REO $100 Down program. The U.S. HUD—or Department of Housing and Urban Development—has a collection of homes that were foreclosed upon, and the office aims to get rid of these properties as quickly as possible while recouping as much money as possible.
So, no, it’s not as simple as grabbing the first home you like for just $100. In order to consider HUD homes, you need to speak with your realtor so that they can help you take part in the process. These homes are distributed via an auction, and your realtor will need to help you make bids. Once you win the bid, you’ll be able to get into the home for the aforementioned $100.
Keep in mind that homes that are foreclosed to HUD in this manner may come with any degree of issues. Some might be in perfect condition (and bids will be higher accordingly) but others may need significant remodeling or service overhauls. You’ll still be able to get a great home at a great value, but sometimes it will depend on how much work you’re willing to put in.
Another great benefit to HUD REO properties—aside from the simple down payment—is that you’ll also enjoy all the benefits of a traditional, 30-year FHA mortgage, such as low interest rates and fantastic terms. Sometimes HUD, who owns the property still, is even willing to contribute funds toward your overall closing costs—such as inspection fees—meaning all you need is that one $100-dollar bill.
The website that hosts these offerings—www.HUDhomestore.com—makes finding the potential home of your dreams easy. You can search by state, city or zip code, depending on how far you’re willing to travel.
Granted, deals this good aren’t likely to last. If you find the home that you absolutely must have, make sure you speak to a realtor qualified to place a bid for you as soon as possible. And again, don’t let the low price fool you: Some of these homes might need a little bit of work for as little as you’re paying to get in them.
Primary Mortgage Residential wants to help you get into a new home, and we offer a variety of resources to help you understand the financial process and how to get the best deal on your way to that home. Use these options to get expert tips on home-buying and shopping for loans.
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