Friday, October 28, 2011 - Article by: North Star Bank - First National Bank Southwest -
Have you been stewing around waiting on the perfect time to move? Do not have the required down payment of 3.5%, 5%, 10%, and 20% from your lender and it is just not readily available?If the only thing holding you back is down payment there is a program right for you if you are willing to buy a HUD home. There are no warranties but in the long run your asset should have immediate equity.Listed below are a few elements of what I have gathered to help you obtain the dream of true homeownership for only $100 down.It's back.......here are the nuts: 1. Borrower must bid at least full list price2. Can roll in the funding fee if the loan amount w/mip doesn't exceed the appraised value3. Can ask for 3% in closing costs to be paid by hud; borrower pays rest + $1004. Contract will designate property eligibility for $100 down
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