Posts from October 27th, 2011

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Low Down Payment may Fuel HUD Sales Recovery

October 27th, 2011 by Eric Recktenwald

$100 low Downpayment Program may Fuel HUD Sales Recovery

Just when we thought it was back to business as usual with mandatory 3.5% Downpayments as a minimum standard for owner occupied HUD Foreclosed properties, the announcement came out last week that HUD will now accept as little as $100.00 for a Downpayment in addition to the customary 3% they have and will continue to agree to pay toward Buyer closing costs. While this may be a welcome move for many new or 1st time Buyers and all owner occupants, it reminds me a little of what got us in the foreclosure mess to begin with... Obviously, prudence is needed and new home owners should have a clear understanding of their obligations when agreeing to the terms of any new mortgage. I can't say that I am in 100% agreement with their decision on this one... however, this will be a welcome opportunity for anyone...

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Categories: Uncategorized

Posts from October 27th, 2011

Low Down Payment may Fuel HUD Sales Recovery

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