A HUD home is a foreclosed property owned by the Department of Housing and Urban Development (HUD).
In an Effort to reduce it’s inventory of homes, HUD is temporarily offering a $100 down payment to purchase a HUD home for owner-occupants using FHA financing!
Here is some information on the $100 down payment program for purchasing HUD homes:
- Sizable sales allowances that can be used to pay closing costs, make repairs, or pay down the mortgage amount
- Broker bonuses for real estate brokers that close owner-occupant sales
- As an added incentive, HUD can give borrowers up to $5,500 at closing for repairs to the property.
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Countrywide provides FHA financing for these sales, subject to the terms of the contract executed by HUD.
Here is a link to search current HUD homes for sale in the area. There are not too many HUD properties in King, Snohomish and Pierce counties yet… but that could change:
http://www.hud.gov/homes/index.cfm
As with any government program, there is a bit of red tape and a few hurdles to jump over. For more information, give me a call.
Happy Hunting!
