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27
Low Down Payment may Fuel HUD Sales Recovery
$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 getting ready to purchase within the next year (plans are for this program to run through Oct. 2012).
For more details on this program or purchasing property, please contact me directly.