Mr Out-of-Towner inquired about a property within another city that is a HUD foreclosure. (A HUD foreclosure is a property that the government owns.) Though another agent was assisting Mr. Out-of-Towner, Mr. Out-of-Towner contacted me, his real estate consultant, to receive detailed information about the purchasing process that could assist him with his real estate decisions. After a little research, I informed Mr. Out-of-Towner that if he were to purchase this approved HUD foreclosure and finance the loan through FHA, he would be able to purchase the approved foreclosure with $100.00!!! That means that the standard 3.5% down payment is out the window on this approved HUD foreclosure.
It helps to work with an informed and experienced agent, wouldn't you agree? Mr. Out-of-Towner was grateful for the information since his agent was not aware of it.
Please note: Not all HUD foreclosures qualify for $100 down. HUD is responsible for marketing which properties qualify.