Is it really possible to buy a home with just $100 down? Yes it is, and people that know about the HUD $100 down program, take advantage of it every day. Here is what you need to know: When someone’s FHA loan goes into foreclosure, that home becomes a HUD home. HUD becomes the owner of the home and offers the home for sale to recover the loss on the foreclosure. This can create a big opportunity for First Time Home Buyers, because HUD will allow you to obtain an FHA loan and instead of 3.5% down, you only have to put $100 down.
Other things to consider:
- The program is only for primary residences (No Investors)
- FHA loans only
- You can ask for closing cost up to 3%
- You will still have to put $500-1,000 down in earnest money
- You can get up to $5,000 in repairs (conditions apply)
- You can couple this loan with an Atlanta 203k loan (repairs over $5,000)
So you’re asking how do I find these homes. As mentioned, only certain homes are available for the $100 down HUD program, so you need a Realtor that is knowledgeable about the program and has access to the bidding process. The bidding process can be overwhelming unless you are working with the right people. Call me today to get pre-approved and I can refer you to a Realtor in your area that can get you a home, with only $100 down.