Did you know some buyers may qualify for $100 down Homes in Spokane? According to HUD’s REO website, they are extending their $100 down program for HUD owned homes.
According to their website, the qualifications include:
FHA Special Sales Incentive (UPDATED: 10/01/2009): Alaska, Idaho, Oregon, & Washington
October 1st, 2009
HUD will continue to offer a $100 Down Payment initiative. The $100 down payment is for owner occupants (any individual who purchases a HUD home as their primary residence for a minimum of 12 months after closing and who has not purchased a home from HUD as an owner occupant in the past twenty four months), utilizing FHA financing. This incentive is also available to owner occupant purchasers who obtain an FHA Home Repair loan. Note: Earnest Money Policies and all other contract requirements will remain the same. In order to qualify for this incentive the buyer must purchase at HUD’s appraised value or lower, obtaining a second appraisal to justify an overbid is NOT allowed, and the purchaser cannot finance closing costs, prepaids, etc. into the loan. $100 down payment financing is available on most properties through FHA approved lenders It’s a great time to purchase a HUD Home with FHA financing.
What does this mean for qualified buyers? HUD homes can be purchased for as little as $100 down as opposed to the traditional 3.5% down. There are some qualifications and restrictions (as with anything) but for those a little tight on finances this option may be great.
Interested? Drop us a line.