Buy a HUD home for $100 Down?!!! Limited time. 7 steps.

Instructions
Difficulty: Extremely Easy

Things You’ll Need:
Pre-approval Letter
Hud Authorized Realtor (me)
Earnest money deposit, often $500 - $1,500 (you will get this money back)
Live in the home after you purchase it (program is for owner-occupants)

Step1
Find a loan officer, bank or credit union, to have them go over your credit and get a pre-approval. You will be given a pre-approval letter. This will tell you exactly how much you can afford when it comes to your purchase. For this program, you'll be pre-approved for an FHA loan. Normally, FHA loans need a 3% down payment. For a limited time, HUD only requires $100!

Step2
Find a HUD authorized Realtor. This step can be done first because your HUD authorized Realtor can also help you find a loan officer. But either way, you will need a Realtor who is authorized to bid on HUD owned homes and you'll need to be pre-approved for an FHA loan.

Step3
Tell your Realtor what you are looking for: area, bedrooms, baths, garage, quality of home's condition, etc. Many HUD owned homes are in good condition, contrary to what you may hear otherwise.

Step4
You can find hud homes on www.nhmsi.com. Your Realtor will be checking this site as well. Obviously, there are other ways to find HUD homes as well (drive-by, newspaper, etc.).

Step5
When you find the home of your choice, you will need to produce the earnest money deposit. Earnest money shows that you are serious about the purchase of this home. Remember, you will get this money back at closing in the form of a check or it can be contributed to closing costs. I know that you are asking where the $100 down payment comes into play. Keep reading.

Step6
As stated in step 1, FHA loans are approved at 97% of the loan amount/purchase price, meaning you have to pay 3% towards the down payment. For example if your loan is for $160,000, your down payment would be $4,800. BUT NOW, HUD only requires a down payment of $100 as opposed to the 3%! This is a great program, but it ends in September 2008.

Step7
The money you put down as earnest money will go towards your closing cost, or it will be given back to you in the form of a check at closing! HUD may also pay 3% of your loan amount towards your closing cost!

Remember, you must live in the home after purchasing it. This is for owner-occupants.

Are you interested?

Maybe you just want to see what's available?

Contact me today, and we'll get started according to your own needs and timeframe.

Dan Hamilton
Keller Williams Greater Columbus Realty
dchamilton@kw.com
www.HamiltonHomesGroup.com