This is an exciting opportunity for home buyers. With all the bank owned, REO, Short Sale and New Construction homes on the market in the Raleigh and Wake County area, HUD wanted to come up with ways to get their HUD owned homes off the market and back into the hands of owner-occupant buyers. So HUD put together a program to help do this.
Buyers who qualify for FHA financing can benefit from a down payment of ONLY $100 to purchase a HUD-owned home instead of the normally larger down payment required from most conventional financing in the market today. The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Standard FHA underwriting guidelines apply and the sale must be for the full amount of the current list price.
ONLY $100 DOWN AND I CAN INCLUDE MONEY NEEDED FOR REPAIRS IN MY MORTGAGE!!!
HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The FHA 203k program allows buyers to finance both the mortgage and additional money for repair or renovations with a single government-insured loan. This is one of the most exciting features of the new incentive program and should drive a lot of exposure to FHA’s 203k offering.
THEY ARE GIVING 3% TOWARDS YOUR CLOSING COSTS!!!
In addition to $100 down instead of FHA’s typical 3.5 percent down payment, HUD says it will also cover up to 3 percent of the closing costs in most cases.
With all of these incentives and historically low interest rates NOW is an incredible time to buy. Contact Wake Home Team TODAY for more information on purchasing a HUD owned home, a foreclosure home or any home on the market at 919-322-9253 or view homes online at www.TriangleHouseSearch.comSign up today for our updated list of foreclosure properties, video streaming a photos of previewed properties. With over 15 years experience helping real estate investors in the Triangle area meet their goals of flipping, purchasing rehabs, builder models and long term rentals we have seen tons of houses and can help you find just the right home for you. Click here or on the photo below to sign up today!