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Own a home with a $100 down payment.
It's not a typo.
RenovationReady™ is delighted to announce that in some states, foreclosed homes and homes eligible for 203k mortgage and home renovation financing are eligible for a down payment that costs less than the average family of four spends on groceries each week. The U.S. Department of Housing and Urban Development will also pay as much as 3 percent of the closing costs on qualifying properties, DSNEws.com notes.
The program was unveiled in late October and runs through October 2012. Not all states offer the program, which focuses on the west and south. The owner must occupy the house, and financing must involve a Federal Housing Administration mortgage (which Renovation Ready can assist with). Typically, such financing requires a minimum 3.5 percent down payment.
According to TheStreet.com, the stunning move on down payments stems from an expected deluge of foreclosed properties on the market after Bank of America bought out the troubled Countrywide Mortgage firm. The program aims to not only find buyers for these properties, but to encourage home ownership – and specifically, first-time homeowners, whose biggest obstacle is often coming up with a down payment.
States participating in HUD's $100 down payment program are:
Intrested in buying a home for $100 down? Contact us and we can explain the program to you and walk you through the process of buying and renovating a home.
Have questions? Learn more about how RenovationReady™ helps homebuyers and homeowners navigate the renovation process.
