Yes, that’s right. Until further notice, HUD is allowing consumers to purchase specific HUD Homes in the Denver area for only a $100 down payment instead of the usual 3.5% down payment normally required by FHA loans. Of course, there are restrictions and requirements that apply. Purchasers must be owner/occupants, utilize FHA insured financing and offer full list price.
Consumers must qualify for the loan by the normal FHA guidelines for financing. That means being pre-approved for a loan with an approved HUD FHA Lender for your mortgage. HUD will also allow consumers to make that $100 down payment on eligible 203(K) loan programs too. The 203 Streamline or Full 203(k) loans will allow borrowers to repair and renovate some of these homes in need of repairs and renovations. In the state of Colorado consumers may qualify up to $35,000 for repairs and renovation. Click here, FHA 203K Loan and FHA 203K Loan FAQ’s for more information on the 203k loans.
Consumers may also be able to negotiate up to 3.5% for closing costs too on these HUD Homes. This low down payment may be very helpful for many First Time Home Buyers, who are looking to get into home ownership. Even if you are not a First Time Home Buyer, or just a little short on cash, this lower down payment offered by HUD could be a great option worth considering.
With the interest rates still low, and this $100 down payment program on HUD’s foreclosed properties, now is a great time to buy your first home, or your dream home, if you decide to make those needed renovations. So here are the three steps required in the process of purchasing a HUD home.
1. Find a HUD Home For Sale in your desired area HUD, Fannie Mae and Other Government Homes For Sale in Denver.
2, Find a HUD-registered Real Estate Agent.Contact Your Denver Real Estate Agent.
3. Find an FHA Approved Lender. We can assist in providing you contact information for several lenders in the Denver area that are extremely experienced in closing FHA loans.
We can assist you with all of your real estate needs!!