HUD Program Offers REO Homes for $100 Down!!
The HUD (Housing and Urban Development) Department has rolled out a program to put REO (real estate owned) foreclosed homes back into the hands of owner-occupant buyers. The program is being rolled out in select states and will last until October, 2012. Tennessee is one of the states in which this program is being offered!
The program allows buyers to purchase a HUD-owned home for $100 down. In addition, the buyer can increase the mortgage amount to fund repairs and renovations. Both the mortgage and the money needed for renovation can be funded with a single government insured loan. To sweeten the pot even more, HUD will cover up to 3% of the closing costs in most states.
The buyer must be an owner-occupant, utilize financing insured through an FHA approved loan, standard FHA underwriting guidelines apply, and the sale must be for the full amount of the current list price, which is many times less than the market price. This program is an unbelievable opportunity for anyone looking to buy a home in this market, especially with interest rates hovering around 4%.
If you are thinking of buying, or selling, I urge you to contact a REALTOR who can give you up to the minute facts concerning your market.
As always, if I can help you with any of your real estate needs, or to answer any questions you may have regarding real estate, please don’t hesitate to text or call me at 615 417-8182 or email me at RolandLow1@gmail.com