DAILY REAL ESTATE NEWS |
In several states, the U.S. Department of Housing and Urban Development is offering home buyers foreclosed homes with only a $100 down payment, in trying to unload some of its inventory. The incentive runs until October 2012.
To qualify, purchasers must be an “owner-occupant,” intending to live in the property and not rent it out. They also will have to qualify for Federal Housing Administration financing, and have to offer the full list price for the home.
Some additional eligibility requirements:
- The home purchased must be a HUD home. Visit the HUD Homes For Sale Web site for a list of homes.
- Buyers must use a HUD-registered real estate broker or agent in order to get the incentive.
- The property must be purchased “as-is.”
Also, home buyers must request the offer and it needs to be written in the contract in order to get it. For more information about the program and a list of states offering the HUD $100 incentive, visitRealty Times.
Source: “Get a HUD Home for $100 Down,” Realty Times (Nov. 10, 2011)