$100 down payment HUD Home Program Requirements
Michgan HUD Home programs – Metro Detroit HUD home programs.
Yes you can buy a Metro Detroit HUD home with as little as a $100 down! Are you ready to buy a Home, but don’t have much money. Here is a way to buy a Michigan homewith a $100 downpayment in Michigan. The biggest downfall of this program is that you must make a full priced offer on the home. Then you can get 3% seller concessions to help pay your closing costs and if you need more you can get a gift from a family member.
You must get a FHA loan. FHA loans are a great way of getting a loan for your new home. Here is an in-depth FHA Loan explanation
Here are the requirements for Metro Detroit $100 down payment HUD Home Program
|Owner occupancy||Primary Residence — buyer must live in the home for at least one full year|
|Purchase price||Buyer must make full price offer to HUD (i.e. must offer HUD’s full asking price)|
|Loan types available||FHA Fixed Rate 30 year, FHA Fixed Rate 15 year, FHA Secure 30 or 15 year, FHA Stimulus 5/1 ARM (Adjustable Rate Mortgage)|
|Income||Must be able to document enough income that your debt to income ratios are 31% / 43%|
|Maximum loan amount||$362,790|
|Property types||Single family residences, town homes, Planned Unit Development homes, condos|
|Credit Score||Minimum credit score is 580Minimum 24 months since discharge of any bankruptcies; 36 months since any foreclosure|
|Eligibility||All borrowers must have a valid social security number. All borrowers must demonstrate 2 years of employment history.Permanent Resident Aliens —
• Copy of the Alien Registration Receipt Card (Resident Alien card), I-551
Non-Permanent Resident Aliens
• A social security card is not acceptable as evidence of work status.
|Reserves||There is no reserves requirement for the program|
|Mortgage Insurance||FHA mortgage insurance is required on all loans|
There are many Metro Detroit homes to chose from.
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If you don’t want to buy a HUD home and have down payment money then there are more Metro Detroit home deals.
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