$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.
Search Michigan HUD homes
If you don’t want to buy a HUD home and have down payment money then there are more Metro Detroit home deals.
Search Metro Detroit foreclosures
search Northville homes for sale
Sometimes the best lake homes sell in less than a week. Click the button below to get the newest lake listings so you do not miss out on the great deals.