Pay only $100 down and own your next home!!!

The United States Housing & Urban Development (HUD) is offering several new sales incentives on HUD homes that will make these homes more affordable for home buyers.

* $100 down payments on HUD Homes financed with Federal Housing Administration (FHA)-insured financing
* Sales allowances that can be used to pay closing costs, make repairs, or pay down the mortgage amount

$100 Down on Colorado Springs Foreclosures

That's right, $100 down through FHA financing (620 FICO score or higher) and you can buy your next home. This program will be in place for the next 12 months. Previously, you had to put down 3.5 % of the purchase price. Qualifying buyers can put just $100 down to buy a HUD foreclosure in El Paso County. This program is available to buyers who intend to occupy the home after purchase; not for investment buyers.

What is a HUD home you may ask? Any home that was financed with an FHA loan that was foreclosed on is a HUD home. When someone with an FHA insured mortgage can’t make the payments, the lender (or bank) forecloses on the home. FHA then pays the lender what is owed and then HUD takes ownership of the home and lists it for sale.

I am a Real Estate Owned (REO) / Foreclosure expert in the Colorado Springs and El Paso County areas. I would be happy to speak with you and answer any questions you may have regarding HUD homes for sale or this $100 down program. Contact me today at 719-963-4867 or email me at springslifestyles@gmail.com

To learn more about HUD programs, visit the U.S. Department of Housing & Urban Development website. To learn more about the $100 Down Program in Colorado Springs, I found Tom Camp's article here to be very informative.

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