HUD to offer $100 down payment houses in Kentucky

October 31, 2011 § 1 Comment

This is one of the most aggressive economic recovery moves if seen come across my desk in 3 or more years. REALTORS could be selling houses if we could get buyers financed. Down payments are still one the biggest road blocks we’re facing. This is no fix but its a step in the right direction. Actually, there are not too many HUD properties to choose from in Northern Kentucky.

Now, if we could just get unemployment under control..

HUD Offers REO Homes for $100 Down in Select States

Oklahoma
South Dakota
Texas
Wisconsin
Wyoming
Utah
Atlanta Homeownership Center’s Jurisdiction:

Alabama
Florida
Georgia
Kentucky
Illinois
Indiana
Mississippi
North Carolina
South Carolina
Tennessee
Caribbean
HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan.

Matt Martin, CEO of Matt Martin Real Estate Management (MMREM), says this is one of the most exciting features of the new incentive program and should drive a lot of exposure to FHA’s 203k offering.

MMREM is under contract with HUD to assist with disposition sales of its repossessed homes. MMREM handles properties throughout 16 states, or about a third of HUD’s REO portfolio.

With an FHA 203k loan, “buyers can find a property that needs some TLC, fix it up however they want to, and finance the whole thing for $100,” Martin explained.

“MMREM is excited to work with this recent initiative, in a way that it supports putting HUD homes back into the hands of homeowners,” Martin said.

In addition to $100 down instead of FHA’s typical 3.5 percent down payment, HUD says it will also cover up to 3 percent of the closing costs in most cases.

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§ One Response to HUD to offer $100 down payment houses in Kentucky

  • Al Hardymon says:

    The HUD $100 Down Payment Program is a great program and we have has it in Indiana for a long time. One word of caution is you do not want to make a bid over the initial list price of a HUD home for sale. If you use FHA financing then you will have to bring the amount you bid over the list price to closing. For example, if the INITIAL list price is $100,000 and your winning bid is $105,000 then you will have to bring $5,000 plus the $100 down payment to closing.

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