Updated over 5 years ago on . Most recent reply
House Hackers! It looks like HUD is doing $100 down again
It looks like HUD is doing $100 down program. This program looks good if you don't' have a lot saved and can buy a HUD foreclosure to live in, fix up, and flip or rent in a few years. Anyone have experience with these. If so post a comment about your experience. Also If I got something wrong please let me know.
Pros:
- $100 down gets you in.
- Regular FHA lending requirements.
Cons:
- Only HUD foreclosures.
- Have to occupy the house.
- Have to give a full price offer.
Most Popular Reply
HUD properties represent over 95% of my purchases over the last 30 years flipping houses. The $100 down has been around for ever in limited areas or occasionally all over on financing eligible properties.
Keep in mind if you bid over list price then you will have to pay the difference in addition to the $100 down
@Tyler Tapley- As long as the buyer occupies for 12 months , there are no restrictions. The buyer can rent rooms or in the case of a duplex or fourplex of course rent the other units
VERY IMPORTANT- Only use an agent, title company and lender who have experience with HUD as their process in taxing and not flexible