HUD Homes a great way to home ownership for $100 down
HUD has a program going now for owner occupants purchasing homes in the Atlanta area that will let you get into a home for only $100.00 down! What this means is that you can finance the entire price of the home. You will need some money for some of the things besides the down payment, like the home inspection, and the earnest money, but you will get the earnest money back at closing and the inspection costs can be part of your closing costs that HUD pays (they will pay up to 3% closing costs) so you can get that refunded at the closing as well.
There are some restrictions on this program. As I said earlier you have to live in the home, it can’t be investment property. There are stiff penalties for people who say they are going to live in the home and then don’t. Another restriction is that this only applies to homes that HUD lists as “insured”. By insured, HUD means that the property is in good enough condition that the property can be brought up to normal decent livable and safe condition for less than $5,000.00 in repairs. If there is work needed HUD will escrow money for repairs. This is built into the purchase price and will be paid to a contractor (not the Purchaser) after the closing when the work is completed. It is listed on the HUD website and will only be paid if the purchaser gets an FHA loan.