Fairburn GA Home Buyer, You Can Still Use HUD's $100 Down Program

If you are considering buying a HUD home in Fairburn, you can still use HUD's $100 Down Program to get into your new home.  HUD homes are not what they used to be ten years ago in Fairburn.  Many Fairburn HUD homes are 'move in' ready.  Other Fairburn HUD homes need minor repairs, many just paint and flooring.  And you can build the expense of the repairs into your mortgage.

General requirements and benefits for the HUD $100 Down Program are:

• Buyers must use an FHA insured mortgage - this is a very important benefit in that FHA typically requires 3.5% down payment.  So if you are purchasing a HUD home in Fairburn that costs $100,000, instead of having to come up with $3500 for down payment, you only have to have $100!  Wow!  What a difference!
• Buyers often do not have to pay for an appraisal - HUD homes have been appraised and are posted to the HUD Home Store.  Not having to pay for an appraisal saves buyers around $400. Wow!  Another awesome benefit.
• Buyers do need to have funds available for earnest money.  For Fairburn properties priced under $50,000, buyer needs to have $500 for earnest money.  For Fairburn properties priced at or above $50,000, the buyer is required to contribute $1000 for earnest money.  This earnest money is collected in certified funds (money order or cashier's check) made payable to HUD.
• You MUST be an Owner Occupant Buyer - meaning the new HUD home must be your principal residence!  So investors are excluded. 
• There are beautiful properties in Fairburn GA that are HUD homes waiting for buyers.  And remember buyers you can roll the cost of repairs into the mortgage using the $100 Down Program.  Awesome!!!