Did you know you can buy a home with just $100 down payment, even in today’s changed market? It is true. If you qualify for the loan, HUD allows some of the homes that they have foreclosed to be purchase with an FHA loan with only a $100 down payment. You will need to determine if the specific property is eligible for this program. This is a great way for a first time home buyer to get into a home with very little down and take advantage of the $8,000 first time home buyer tax credit too. Until recently we didn’t have any HUD foreclosures in Lane County. Here is a list of the current Lane County foreclosures, according to the HUD website:

To make an offer on a HUD home, you must use a Realtor® that is approved to work with HUD. If you check the list for Lane County, one that comes to the forefront is Lori Palermo, Fairway Realty. You can reach Lori at 541-579-5674 (LORI) or through her blog, http://oregonrealestatequeen.com.  These loans are for owner occupied properties only to qualify for the $100 down payment program. You also must use an FHA approved lender, like me.

There are some good deals to be made, give me a call and let’s get you qualified for the purchase. Some of the properties are in need of repair, and there are two ways to do that, one is an FHA 203b with up to $5,000 in an escrow account for repairs (there are requirements for this to work) or an FHA 203k Streamline where you can do repairs after closing up to $35,000, but the 203k does not work with $100 down. HUD wants to help first time homebuyers get into their homes. They are doing their part. Let’s get you started today. You can check out their page for new listings here. This is the main page so you first need to select state. Overall, I don’t think we have a lot of foreclosures in Oregon, do you?

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