HUD (U.S. Department of Housing and Urban Development) has a program where you can buy a HUD owned home for just $100 down!
Here are the requirements:
- It must be an owner occupied home. This is not a program for investors.
- The home must be purchased with FHA financing.
- This loan incentive is also available to owner occupant purchasers who obtain a FHA Home Repair loan. (203K Loan)
- Homes must be purchased through a HUD registered real estate agent.
- You do not need to be a first time Home Buyer.
The great thing about HUD owned homes is that they have already been inspected and the reports are viewable online before you even go to look at the home. There is also an estimate of repairs. That is not saying that you shouldn't do your own inspection, but this gives you a "heads up". Even though only $100 is required down as opposed to the traditional minimum of 3.5%, Home Buyers will still need money for inspections, closing, insurance etc. and should have money set aside for an emergency fund.
View HUD homes for sale in Georgia. Contact Jen Bowman, Realtor & Broker Associate with Success Realty and registered HUD agent at 404-456-5024 to view and bid on homes in the metro Atlanta, GA area.
Read more of the Georgia Real Estate Voice for additional Home Buying Programs including down payment assistance.
Jen these are some great reminders on why purchaing a HUD home can be a great deal for a buyer!
Bill, I showed a HUD owned home this morning. It originally sold for $175,000 in 2002. It's listed at $92,000 right now. This home is a steal in a swim and tennis community. Current repair estimates are less than $1,000 plus buying appliances like stove, refrigerator and washer/dryer. My clients will get the $8,000 tax credit for being first time buyers plus down payment assistance of $5,000 from the county plus an extra $1,000 credit from HUD for purchasing in the first 30 days the home is listed. It doesn't get any better than that!
It is a great program and so many people just do not believe it or know about it.
Thanks,
Richard
Richard, that's why I am trying to get the word out. I agree, these are great programs. Thanks!
Jen, HUD house can be a great deal, but many of the ones that I have seen around here have needed a lot of work.
Jen, this is great information to have. Thanks for getting this out.
great post Jen - I recently helped a guy get a HUD home that needed $15000 in repairs but we got it for $90000 and will be worth $150,000 once he fixes it up - paperwork is a bit of a headache and HUD was not easy to deal with but it was worth it.