Check out this article on TampaBay.com today about a little known HUD program whereby you can purchase a home for as little as $100 down! No, we are not condoning buying a home if you only have $100 in the bank, but this is a great program for those who want to save most of their cash in a home purchase for repairs and updating. According to the article, Uncle Sam is looking for buyers for 3,451 homes like this in Florida. You can check out HUD’s available inventory at HUDHomeStore.com. We are HUD registered agents, so if you find a property you like on the site, please contact us to schedule a showing.
Magan Landsiedel and Jeff Smolinski just bought a $133,000 home in Largo. Their down payment: $100.
A typical government-insured mortgage would have required $4,700 down; a conventional lender might have demanded more than $26,000.
But Landsiedel and Smolinski took advantage of a little-known U.S. Department of Housing and Urban Development program that lets people buy government-owned foreclosed homes for just $100 down.
Uncle Sam is looking for buyers for 3,451 homes like this in Florida.
Landsiedel, a nurse, and Smolinski, a soon-to-be Tampa police officer, both 27, searched foreclosed homes for a year until recently finding the three-bedroom, two-bathroom house built in 1979.
The house needs new carpet, paint and closet doors and several small holes need to be patched.
“It’s going to be a beautiful home,” Landsiedel said. “We got a great find in this one. It just needs some TLC.”
The 1,626-square-foot home last sold in 2008 for $237,000. HUD wanted $135,000 but accepted the couple’s offer of $133,000.
“We think it’s a great deal,” Landsiedel said. “We can afford to make the repairs.”
Most HUD homes, including 642 in Tampa Bay, need repairs and are typically priced at the lower end of the market.
But the homes could be a bargain for a first-time buyer with minimal cash or for someone skilled at home repairs…
Article continued at TampaBay.com
Image via TampaBay.com