- Minneapolis Communities
- St. Paul Communities
- Twin CitySuburbs
- Local Area Index ALL Twin Cities
There are 1 blog entries for October 2011.
Tuesday, October 25th, 2011 at 8:24pm. 286 Views, 0 Comments.
HUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers.
In select states (including MN), from now into October of next 2012, buyers need a down payment of only $100 to purchase a HUD-owned REO home.
The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Standard FHA underwriting guidelines apply, and the sale must be for the full amount of the current list price.
HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan.