The
Department of Housing and Urban Development ("HUD") has a
new buyer's incentive program which recently went into
effect allowing home buyers to purchase a HUD home
with only a $100 down payment under certain circumstances.
The $100 down payment HUD program allows people to buy
homes in which they plan to live, using an FHA loan. The
government is waiving their standard down payment
requirements in order to sell their HUGE inventory of
foreclosed properties.
Closing costs, homeowners insurance, property
taxes, and even repairs can all be financed using this
special federal purchase-money loan program.
The loan amount may go up to 110% of the home's "as is"
appraised value. The appraisal is provided by HUD, which
is another benefit of this program. The buyer doesn't
have to pay for an appraisal, so there's virtually no
chance the appraisal will be challenged in underwriting.
So again the only amount needed to
buy a new home is a $100 down payment!
HUD has also initiated a special $1,000 sales
allowance paid at closing to owner occupant purchasers
on full price HUD homes. The government
currently has a large inventory of homes available
qualifying for this special, limited time program, in
cities all over Arizona - Phoenix, Scottsdale, Tempe,
Gilbert, Glendale, Chandler, etc.
FHA 30-year fixed interest rates are at an
all time low.
Better yet -- first-time home
buyers (individuals not owning a primary residence
within the previous 3 years) are able to receive a
$7,500 tax rebate on their taxes! To qualify for this
credit in 2008, you'll need to close on your new home
purchase before the end of this year!!!
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