$100 Down Payment Can Get You Into a Home!
HUD Offers REO Homes for $100 Down in Colorado
HUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers.
In Colorado, from now into October of next year, buyers need a down payment of only $100 to purchase a HUD-owned REO home.
The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Standard FHA underwriting guidelines apply, and the sale must be for the full amount of the current list price.
The $100 down payment incentive program has been approved for two of HUD's four national regions - the regions managed by the Denver Homeownership Center and the Atlanta Homeownership Center. HUD homes in the states listed, as well as the Caribbean are currently eligible for the program.
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 loan program allows buyers to find a property that needs some TLC, fix it up however they want to, and finance the whole thing for $100.
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.