Low Down Payment On HUD Owned Homes
A HUD owned home is a residential property acquired by the Department of Housing and Urban Development (HUD) as a result of a FHA insured mortgage going into foreclosure and HUD selling the property to offset the economic loss resulting from the default.- Certain HUD owned homes can be purchased using a FHA loan for as little as $100 down provided the contract price is equal to the list price and the house is approved for this low down payment program
- Seller contribution toward closing costs is allowed to cover lender fees, settlement fees, and transfer and recordation taxes
- Sales preference is given to primary residence purchase, with secondary consideration provided to investors
- To obtain a free list of HUD owned homes click here
