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HUD Owned Homes for Only $100 Down Payment
February 8th, 2010 | 
Author: There are listings of homes for sale by the Department of Housing and Urban Development (HUD), called HUD Homes on the HUD website. The great thing about these properties is that they are first offered to people in the Eugene/Springfield, Lane County Oregon area that are going to use them for their primary residence. If there is not enough interest, then they will be offered to anyone. As an owner occupied purchase, many of the homes on the website qualify for a $100 special down payment program. That is right, only $100 down and if the seller (HUD) pays the closing costs, that means you can get into a home with only $100 out of pocket. Here is an example of one of the HUD Homes currently listed on the website:
This property is located at 665 Irvington in Eugene and is priced at $136,000 and is only available to owner occupied, government agencies and non profit purchasers. If you don’t have a Realtor, call me and I will recommend an excellent one for you. They must be registered with HUD to be able to sell HUD Homes. For information about the FHA $100 Down financing program, call me for that. You can reach me (Fred Chamberlin) at 541-342-7576/541-221-3455 cell or by e-mail. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. I am your local lender. Call today.
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What are the typical monthly payments for a loan that size? Also, what does it take to qualify for a HUD FHA Loan?
Hi Maggie,
Payments will be determined by the actual purchase price and rate at the time. It is essentially an FHA 203b loan with a reduced down payment so qualification is the same as an FHA loan.