As one of Georgia’s largest FHA Lenders – we are pleased to offer the HUD $100 Down Payment program.  This is a special program where future homeowner’s can buy a HUD foreclosed home for only a $100 down payment.  Additionally, our programs allow the buyer to borrow additional money to complete any necessary repairs and/or upgrades to the property. 

The normal down payment for FHA Home Loans is 3.5% and for conventional loans the down payment is up to 20%. Most people that want to purchase a home really don't have a lot of money available for a down payment so they are left out of today's home market.   HUD will also pay the closing costs so as long as the loan has been structured properly – you will only need to bring $100 to the closing table.

So what is a HUD home?   A HUD Home is the result of a foreclosure on a FHA Home Loan.  When someone with a Federal Housing Administration (FHA) insured mortgage can’t make the payments, the lender forecloses on the home. FHA pays the lender what is owned and then the United States Department of Housing and Urban Development (HUD) takes ownership of the home.

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What are the requirements for the $100 down payment program?

1.   HUD Foreclosed Homes Only! This FHA $100 Down Payment Loan is for the purchase of HUD foreclosure homes.

2.   Purchasers MUST have a pre-qualification letter from a lender or proof of cash funds in the amount of or greater than the HUD home purchase price.

GET PREQUALIFIED FOR AN FHA LOAN HERE

3.   This program is for Owner-Occupants only, not for Investors. You have to sign a form at closing stating you are going to live in the property and not use it has an investment such as a rental property.

4.   You still need to have the earnest money of $1,000 for properties listed above $50,000 and $500 for properties listed for less than $50,000. Earnest money will be returned to you at closing as a credit on the Closing Statement.

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