Buy a HUD Repo with only $100 Down Payment!

HUD (the Department of Housing and Urban Development) has once again instituted its $100 Down Payment program on the sale of homes in it's inventory.

HUD homes are homes that had FHA Mortgages that have been foreclosed on. Many of these homes are in move-in condition. Other homes may need some fixing up buy HUD has several different loan alternatives that can pay for repairs, renovation, and remodeling.

Of course there are several criteria that have to be met to utilize the program. The $100 Down Payment Program Has the Following Requirements:

1. HUD Foreclosed Homes Only! This FHA $100 Down Payment Loan is for the purchase of HUD foreclosure homes.

2. Have to use FHA financing. You cannot use conventional financing.

3. This program is for Owner-Occupants only, not for Investors. You have to sign a form at closing stating you are going to live in the property and not use it has an investment such as a rental property.

4. You still need to have the earnest money of $1,000 for properties listed above $50,000 and $500 for properties listed for less than $50,000. Earnest money will be returned to you at closing as a credit on the Closing Statement.

4. You can ask HUD to pay for closing costs up to 3% of purchase price.

If you are going to buy a home in the near future, you need to consider HUD Homes with this HUD Homes $100 Down Payment Program. The perfect HUD foreclosed home could be in your area.

Send us an email or give us a call to learn more.




Bruce & Justine Bright
THE BRIGHT Side of Real Estate
Our Website: www.BrightSideTeam.com
Home Search Site: www.IndyHomeSearcher.com

Moving Up (or down sizing)? Get 4% towards your New Next Home!

How would you like to get 4% of the purchase price towards your next home? You can using it for a down payment (currently 3.5%), closing costs, prepaids, etc.

Indiana Housing has announced a pilot program that targets current homeowners. Called the Next Home Program it grants the buyers their down payment for their next home purchase.

Below are the key features of the program.

=> 4% given to the borrower to be used towards down payment, closing costs, prepaids,etc.
=> Minimum 650 credit score
=> 125% of Median Income limits in non-targeted areas and 140% in targeted areas
=> No acquisition limit or purchase price limitation
=> FHA loans only
=> Underwritten to FHA guides
=> Can add MCC, if buyers qualify for the MCC program
=> 0.125% of the total loan amount as reservation fee payable to Indiana Housing upfront
=> No third party inspections or homebuyer's counseling
=> The 4% down payment is forgiven after 2 years
=> Interest rate is currently 5.5%, but will move and flow with the market as necessary
=> Seller Concessions are same as FHA (6% of the purchase price)
=> This program can be used for a first time home buyer, as well

Want to know more? Just email us or give us a call.

Bruce & Justine Bright
THE BRIGHT Side of Real Estate
Our Website: www.BrightSideTeam.com
Home Search Site: www.IndyHomeSearcher.com