Through Oct., HUD will sell REO homes to owner-occupants who qualify for FHA financing, including 203k fix-up loans. In most cases Hud will also cover up to 3% closing cost.
In Florida and a handful of other states, the Department of Housing and Urban Development (HUD) will sell homes it owns for only a $100 downpayment, providing buyers meet certain conditions.
Buyers must plan to live in the home and pay full asking price. Buyer must also purchase home with FHA finacing.
This deal also will cover those homes that require repairs that are being bought through FHA203K loan.
FHA 203K loan: is a way for a buyer to borrow more than the list price and use the extra money to fix it up. By rolling the loan money plus fix-up costs into a single loan, buyers can pay it off over time with one monthly payment.
For more information check out HUD's website
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