Can I get a HUD home for as little as $100 down?

If you are strapped for cash and looking for a bargain, you may be able to buy a foreclosure property acquired by the U.S. Department of Housing and Urban Development for as little as $100 down.
With HUD foreclosures, down payments vary depending on whether the property is eligible for FHA insurance. If not, payments range from 5 to 20 percent. But when the property is FHA-insured, the down payment can go much lower.
Each offer must be accompanied by an "earnest money" deposit equal to 5 percent of the bid price, not to exceed $2,000 but not less than $500.
The U.S. Department of Veterans Affairs also offers foreclosure properties which can be purchased directly from the VA often well below market value and with a down payment amount as low as 2 percent for owner-occupants. Investors may be required to pay up to 10 percent of the purchase price as a down payment. This is because the VA guarantees home loans and often ends up owning the property if the veteran defaults.
If you are interested in purchasing a VA foreclosure, call 1-800-827-1000 to request a current listing. About 100 new properties are listed every two weeks.
You should be aware that foreclosure properties are sold "as is," meaning limited repairs have been made but no structural or mechanical warranties are implied.

Tips and Questions

How does a home go into foreclosure?

Are foreclosures an option?

What are problems buying foreclosures?

What types of foreclosure are there?

What happens at a trustee sale?

How do you get financing for a foreclosure?

How do you find government-repossessed homes?

Where do I learn about HUD foreclosures?

Where can you find foreclosures?

Where can you find foreclosed HUD homes?

Do you have to buy HUD homes through a realty agent?

What about buying a foreclosure "as is"?

 
 

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