HUD REO $100 Down Program
- Most popular HUD foreclosure program
- No appraisal needed
- Allows for repairs up to $5K
- $100 down payment
FHA Mortgage Loans
Why Are FHA Loans So Great?
FHA loans are by far the easiest mortgage loans to qualify for due to the flexible credit guidelines and the low down payment requirements. A borrower who cannot afford a traditional down payment of 20% or has gone through a financial hardship like a short sale, foreclosure or bankruptcy can benefit the most from the FHA program.
What Are the Advantages of FHA Loans?
- 3.5% down payment
- Credit scores down to 600
- No prepayment penalty ever
- An FHA loan may also be assumable
- Up to 50% debt to income ratio
- Allows for 6% seller paid closing costs
- Easy to use gifts for down payment and closing costs
- Allows for non-occupying co-borrowers to help qualify
What Are the Waiting Periods After a Hardship?
- 3 Years from Foreclosure or Short Sale
- 2 Years from Discharge of Chapter 7 Bankruptcy
- 1 Year from Discharge of Chapter 13 Bankruptcy
What Are Some Popular FHA Programs?
- Standard FHA Purchase
- Most popular FHA program for home purchase
- Fixed and ARM rates available
- 1-4 unit properties eligible
- 3.5% down payment
