Buy a HUD home with the $100 dollar down program*

Buy a HUD home with $100 dollars down *

You have

•Good credit
•A stable job

You don't have

•savings for a down payment
•money for closing costs

HUD has a home buyer program that takes care of both of these for you.


It is the HUD $100 down payment assistance program.

You have to meet the requirements which include.

•
Owner occupancy
Primary Residence -- buyer must live in the home for at least one full year

•Purchase price
Buyer must make full price offer to HUD (i.e. must offer HUD's full asking price)

•Loan types available
FHA Fixed Rate 30 year, FHA Fixed Rate 15 year, FHA Secure 30 or 15 year, FHA Stimulus 5/1 ARM (Adjustable Rate Mortgage)

•Income
Must be able to document enough income that your debt to income ratios are 31% / 43%

•Maximum loan amount
$362,790

•Property types
Single family residences, town homes, Planned Unit Development homes, condos

•Credit Score
Minimum credit score is 580(*)
Minimum 24 months since discharge of any bankruptcies; 36 months since any foreclosure
(*) Many lenders are requiring middle credit score of 620 or higher
Eligibility

•All borrowers must have a valid social security number. All borrowers must demonstrate 2 years of employment history.

•Permanent Resident Aliens -- • Evidence of lawful, permanent residency issued by the Bureau of Citizenship and Immigration Services (BCIS), formerly the INS.• Copy of the Alien Registration Receipt Card (Resident Alien card), I-551

•Non-Permanent Resident Aliens• Primary residence• Borrower must be eligible to work in the U.S.• Evidence of valid Social Security number required• Evidence of residency and work status to be obtained through documentation from US Bureau of Citizenship and Immigration Services (BCIS) formerly INS• Copy of the Employment Authorization Card, I-688B. This card carries an expiration date.• A social security card is not acceptable as evidence of work status.

•Reserves
There is no reserves requirement for the program

•Mortgage Insurance
FHA mortgage insurance is required on all loans
*information deemed reliable but not guaranteed.

This is a great way to take advantage of the current low mortgage rates and low housing prices.

For a list of HUD homes in your area or to see if you qualify email us at 4SailRealty@gmail.com

or visit us at www.4SailRealty.com

*The hundred dollar down program does NOT include the $500 earnest money for homes with a purchase price up to $49,999.99 and $1000 earnest money for homes with a purchase price of $50,000.00 and up.

Written by

Brian K Ellwanger

Broker/Owner

Four Sail Realty

Longmont Colorado

303-775-4121