One of the most affordable ways to purchase a home right now is to purchase a HUD home. You can do this by only putting $100 down on the purchase if you qualify for a FHA mortgage.
HUD stands for Dept. of Housing and Urban Development. HUD homes are homes that have been foreclosed on that have a FHA mortgage on them. HUD is working with new buyers to allow them to buy their homes with only $100 down. Right now with a glut of homes on the market it is not difficult to find HUD homes that should meet your criteria. Follow this link to find HUD homes available here.
Besides a low down payment HUD is also giving some buyers cash back when they purchase HUD homes with a full price offer. Owner Occupant purchasers that make a full price offer under $50,000 will receive a $1,000 Sales Allowance paid at closing. Owner Occupant purchasers that make a full price offer equal to or over $50,000 will receive a $1,500 Sales Allowance paid at closing.
In areas like the Twin Cities where we are classified as a depreciated or depreciating market, conventional mortgages need at least 10% down payment and with FHA financing, not on a HUD home, you need at least 3.5% down payment. So you see buying a HUD home is more affordable especially to first time home buyers who may have a harder time coming up with some down payment money plus qualifying for some cash back at closing.
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