Hud Home for $100 dollars down!!?

The U.S. Department of Housing and Urban Development (HUD) is offering its foreclosed homes for a mere $100 down from now until October 2012.
HUD like other federal agencies, are anxious to unload properties they hold, because they can be a financial drain.
Of course you'll have to qualify for a mortgage, you may have to pays some closing costs, the deal isn't available everywhere and the condition of the homes is strictly "as-is."
If you can handle those qualifiers, here's the deal:
• You can only buy HUD homes. Go to the HUD Homes For Sale web page.
• You must use a HUD-registered real estate broker or agent.
• You must qualify for and use Federal Housing Administration (FHA) financing.
• You must plan to be an "owner-occupant," buying the property to live in and not as an investment.
• The home's purchase price must be no more than the appraised value of the property. If you bid a higher price you can pay the difference in cash, minus $100.
• The $100 down incentive must be on the executed contract. That means you have to specifically request the incentive. Your real estate agent should be aware of this provision.
• In some cases, HUD will also cover up to 3 percent of the closing costs.
• The $100 down payment program is eligible for the FHA 203(k) loans. The loans allow borrowers to use a portion of their purchase loan to repair and renovate run-down homes.
That's a good thing because HUD homes are sold in an "as-is" condition -- what you see is pretty much what you get. You could find a diamond in the rough or fool's gold. HUD homes often include a property condition report, but that is not a warranty.
The property report can resemble a home inspection report, but HUD home buyers are always encouraged to get a home inspection to determine just what "as is" is.
The deal is offered in states in two HUD regions:
Denver Homeownership Center
Arkansas Colorado Iowa Kansas Louisiana Missouri Minnesota Montana Nebraska New Mexico North Dakota Oklahoma South Dakota Texas Wisconsin Wyoming Utah
Atlanta Homeownership Center
Alabama Florida Georgia Kentucky Illinois Indiana Mississippi North Carolina South Carolina Tennessee
Published: November 10, 2011