$100 Down HUD Home Purchase in Connecticut

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Mortgage and Lending with Canopy Mortgage 89769

Buy a Connecticut HUD HOME for $100 Down Payment

 

You can now buy a HUD home in Connecticut  with $100 down payment and finance it using FHA Home Loan Program. This is a limited time incentive program from HUD.

Here are some of the key things you should know about Buying a Connecticut HUD HOME FOR $100 Down Payment:

  •         Home buyer will be owner occupants (investors are not qualified for this HUD incentive program)
  •         Home buyer must offer the full asking price for the home,
  •         Home buyer must use FHA financing (renovation loan)  for the purchase of this home
  •         Cannot have purchased a HUD home within the preceding 24 months
  •         Up to 3% of buyers closing costs can be paid by HUD – the seller
  •         The home must be a HUD foreclosed home in Connecticut owned by HUD
  •         The home buyer must use a HUD registered real estate agent or broker to qualify for this incentive program
  •         The property will be purchased by the home owner on an “as-is” basis
  •         Eligible properties include 1 – 2 unit homes, manufactured homes, condos, and PUDs
  •         Eligibility is determined by HUD
  •         Contract of the Home Sale must confirm a $100 down payment program
  •         Loan to Value (LTV) should show that the home buyer (loan borrower) has contributed $100 towards the purchase of the home (sale price) — the appraisal value should support the sale price or higher
  •         If the home appraised value is less than the sale price, the home buyer (borrower) will need to add to the purchase price to equate to $100 to meet the required down payment – speak with a HUD real estate or call FHA home loan group for specifics.
  •          NOTE:  Even though you only have to pay $100 down payment you will still need the required earnest money. HUD requires a buyer to submit with the Purchase Contact earnest money of $1,000 if the purchase price is over $50,000 and $500 if the purchase price is under $50,000.

 

You should contact a local HUD approved Real Estate Broker to see if it is currently being offered.

 

IMPORTANT: you need to make sure that the real estate agent that you use is experienced in buying HUD homes for sale. Buying a HUD home is much different then the normal real estate transaction. Be sure to work with someone who knows the process well for buying a HUD Home . Feel free to contact me if you need a Connecticut Realtor recommendation in your city, I would be happy to make the connection

Application:

You can submit your application here:  FHA approved lender.

All standard FHA qualifying requirements apply to the HUD REO $100 down program, apply today to find out if you qualify to purchase a HUD home in CT with $100 down payment   APPLY NOW

 

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