HUD Homes and $100 down payment
$100 down payment HUD Home Program Requirements
Michigan 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 home with a $100 down payment 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
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.
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