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
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