Can $100 Really Buy You a House?

Absolutely! If you buy a HUD-owned property, you are eligible for $100 down payment! You do NOT have to be a 1st time buyer to qualify! All buyers who are able to obtain FHA financing, are eligible. Also HUD will pay for up to 3% of the purchase price towards your closing costs, give you a $1,000-$1,500 bonus upon closing, and give you the option of having repair money rolled into your loan! How sweet is that?!?! Plus, if you act FAST you can still get your $6,500-$8,000 tax credit!

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Offering $100 Down Payment!

HUD Incentives:

$100 Down Payment
3% Paid in Closing Costs
$1,000-$1,500 Bonus
Do NOT Have to Be 1st Time Buyer
Escrow for Repairs (if necessary)
Some Move-In Ready Homes

What is a HUD Home?
A HUD Owned property is a foreclosure that occured on a government-backed loan, such as an FHA loan. When the home is foreclosed on, HUD becomes the new property owner, and offers it for sale to recover the loss on the foreclosure claim.

How do I qualify for the $100 Down Payment program?
This is simply an incentive HUD offers to buyers who:
1. Purchase a HUD-Owned Property
2. Obtain FHA Financing - Get Approved for FHA
3. Will Live in the Home (as Primary Residence)
4. Offer Full Asking Price or more

How do I Bid on a HUD Home?
HUD homes are auctioned using an online bidding service. Most bid deadlines are on Sunday, but check the individual listing to be sure. The initial bid-period has an "owner-occupant" preference, meaning those buying the house with the intention of living there, get priority over investor bids. So even if an investor bids $20,000 more than you, if you are the highest "owner-occupant" bidder, you will win the bid! After the initial bid-period, the home will go to a "daily-bid" where it is fair game for investors and owner-occupants. After a 2-4 weeks, if the home has not sold, HUD typically lowers the price by 10%, and goes back to the "owner-occupant" preference. While HUD offers $100 down payment, as well as closing costs assistance, you are still required to deposit $500-$1,000(depending on purchase price) of earnest money, that will go towards your purchase, or will be credited back to you at closing, if you don't use all of it.

The general public can NOT bid on a home without a Certified HUD Broker. Chapa Realty is a Certified HUD Broker and would be happy to assist you in buying a HUD home. Call 314-583-9274 or Click Here to Contact Us.

CLICK HERE TO GET APPROVED TO PURCHASE A HUD HOME!

Should I get a Home Inspection?
While HUD will offer a Property Inspection Report with each property, HUD properties are sold in "as-is" condition, with no warranty. HUD will not make any repairs, nor pay to correct any problems, however, with the proper financing, you can roll repair costs right into your loan. You will also have a generous amount of time to get the property fully inspected for major problems, and if something comes up that makes your purchase no longer feasible, you may cancel your contract and get your earnest money back.

Are there any other Special Programs?
Before a home goes up for the "owner-occupant" bid-period, there will be a short "lottery-round" where HUD offers a discounted price for disaster evacuees, law enforcement officers, teachers, firefighters, and emergency medical technicians. This program is called the Good Neighbor Initiative, and offers a discount of 50% off the listing price!

Can $100 Really Buy You a House?

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