I wrote recently (click here) that we could not do $100 downpayment with the 203k loan program… well, now I have a lender who claims he can do it.
HUD has long had a program that encourages folks who want to purchase a HUD Foreclosure, allowing them to purchase the property with $100 downpayment. Problem is, non of the lenders wanted to offer the program.
In addition, if you COULD find a lender who would take the $100 downpayment program, you couldn’t find anyone who would ALSO lend you the money on a 203k program so that you could fix the house up!
I’ve heard of houses where the homeowner was so sad, or mad, or crazy that they tore out the heating and air conditioner units, took out all of the appliances (which I can understand that) AND THEN poured motor oil all over the carpets?? No why would you do that???
Anyway, if you are considering a purchase of one of these homes, you would need at least 3.5% out of your pocket… up until this “new guy” says (swears!) his company will do them! I hate being the first guy in my office to try a new program – but we need to get these houses off the market…
Sooooo, if you’re considering a purchase, and you want to buy a foreclosed property – give me a call. I might have just the program for you!