Denver Hud Homes - $100 Down Payment Programs

Many of our clients have been contacting us with questions on HUD's $100 down payment program for Denver HUD Homes

. This is an amazing program that HUD has made available and can help many people who can't afford a down payment into one of the available Denver HUD Homes on the market.

In the past, low down payment programs with HUD were limited to public servants such as teachers and police officers. Recently, HUD has opened this program to allow for any owner occupant to purchase one of the available Denver HUD homes with only $100 down. There are only a few requirements to take advantage of this program:

1.) You must be an owner occupant homebuyer: HUD is not allowing investors to use this program to buy any of the available Denver HUD Homes. Only buyers who will live in the property as their primary residence will qualify for this program.

2.) You must use an FHA loan: While a requirement, this provision has some advantages. FHA loans typically allow a co-signer, so you if you need help to qualify (i.e. relatives, etc) FHA allows that. Also, HUD is allowing buyers to use FHA 203(k) loans. These loans allow you to finance not only the purchase price, but also the repair and fix up costs that typically are involved in Denver HUD Homes.

3.) All offers must be "full price": This requirement needs some explaining. If a property was originally listed for $120,000, but HUD reduced the price to $110,000 prior to you submitting an offer, "full price" would mean $110,000, not the original price. In addition, you can still ask for HUD to pay for up to 3% in closing costs from the "full price" offer. So, in our $110,000 example, you could make an offer for $110,000 and ask for HUD to pay for $3,300 of your closing costs too.

Now that you know the requirements to take advantage of HUD's $100 down payment program, you need to find a qualified agent to help you navigate though the world of Denver HUD Homes. As you evaluate agents, make sure you ask them the following:

1.) Are you registered to sell Denver HUD homes? Writing an offer on a HUD home requires that an agent's office be registered with HUD. If your agent tries to talk you out of a HUD or attempts to discourage you from buying a HUD, ask them if the can even sell one.

2.) How many HUD homes have you sold in the past year? The HUD process is always changing. Ask your agent if they are familiar with the latest rules and how many Denver HUD homes they have sold in the last 12 months.

3.) Do you have an email alert system? Denver HUD homes move very, very fast. You need an agent that has the technology to notify you of new HUD homes the day the hit the market. If the agent you are working with can't send you the homes the day they hit the market, you'll have a hard time getting the home you want.

Now that you know how HUD's $100 down payment program work, what are you waiting for? This could be the easiest path to home owner ship that's been available in years!

by: Brian Petrelli

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